If you run a business, you might have wondered if it could benefit from paperless accounts payable software.
Shifting to an automated – and paperless – accounts payable software can benefit most businesses but it can still be a daunting choice. There are a lot of options out there and many factors to consider.
So, what exactly is accounts payable automation? In a nutshell, it’s replacing paper invoices and checks with electronic ones. With an automated system like one from Acumatica, it can also come with fewer errors, less paperwork and a decreased reliance on things like printouts, files and emails. It can also save time and money – and get your business paid faster.
If you are wondering if your business could benefit from paperless accounts payable software, here are some things to consider.
For most businesses, moving to a paperless system does increase efficiency – and that can help with customer relations and satisfaction. It can cut the time and cost for the accounts payable process, as opposed to doing it manually.
Cost and processes
Shifting to a paperless AP system can pay for itself – no really, it’s true! No one has to manually pull and refile paper copies of anything and it takes much less time, which can cut labor costs dramatically.
Also, consider that your business has to manage its cash flow. So, if your account balances are low because you haven’t been paid, that doesn’t mean you still don’t have to pay other outstanding invoices yourself. This is where an automated system can help. You can set up your payments to align with your cash flow so you’ll always have enough coming in to pay what you need to go out.
In this time of a global pandemic, where many people have shifted to working at home remotely, going to a paperless AP system just makes sense – aside from the money and time savings. Your employees who handle these tasks can work from anywhere with flexibility – doing their jobs remotely.
If you are considering Paperless Accounts Payable software to streamline your business, be sure to talk to your employees about their thoughts and concerns.
And then, work to choose the right software for your business so it can be integrated into your current system.
While changing the way your business handles AP might seem daunting, there are many options available that can help you streamline, strengthen and benefit your business.
If you have questions about shifting your business to a Paperless Accounts Payable software system – for whatever reason — we can help. Contact us today!