Online Accounts Payable Software Gives You Total Control Over Your AP
Bean counters — some of our favorite folks, as you might imagine — are, by nature, control freaks. Accountants, CFOs, and controllers naturally want to know where every penny, every asset, every obligation owed, and every receivable due stands at any given moment in time. It’s their job. It’s what we want them to do, expect them to do, and need them to do, to keep our businesses healthy and profitable.
7 Reasons Why Controllers LOVE Automation
Controllers control. So, it stands to reason that anything that gives them more control, such as accounts payable automation software, is a good thing. Here are the Top 7 things our clients said they love most about AP automation systems:
1) Time Savings
Using business process automation software to manage accounts payable reduces the time needed to process an invoice. Payables are routed according to proscribed business parameters you determine automatically and no one in your organization will ever spend another second searching for an invoice, no matter where it is in the approvals process. There will never be a “misplaced” invoice again once you implement AP automation software.
2) Cost Savings
Automate your accounts payable workflow process and you will never mistakenly pay an invoice twice, overpay an invoice, or make late payments incurring interest charges or fees because someone dropped the ball and overlooked the details of an invoice. Sound familiar? The AP automation system will alert you to duplicates, overpayments, and remind you of all of pending due dates.
Cloud-based invoice automation systems allow as many people as necessary to collaborate on any particular payable in real time. No matter where they are, everyone with an interest or stake in an invoice can simultaneously access it to confirm or dispute charges, seek clarification, or explain discrepancies — all with the click of a mouse.
4) Follow The Money!
Online invoicing systems really shine when it’s time for an audit. The electronic audit trails inherent in invoice automation software make tracking an invoice from receipt to payment a breeze.
5) Personalized Process
Using an invoice system allows you the ability to customize the workflow process to suit your company’s exact needs. Route invoices above a proscribed amount to those with the proper authorization, create and maintain approval timers, balance AP staff workloads, and cross-check and validate payables against your own accounting system tables.
6) Increased Productivity
Invoice automation software increases staff productivity dramatically, letting the same staff handle an increasing volume of payables while reducing the need to add staff for as long as possible.
7) Software-As-A-Service (SaaS)
Using a SaaS model means there is no software to install, no hardware needed to install it on, and no IT required to maintain it. It also means predictable IT costs for your AP system. There are no surprises around system failures that need replacing, no consultants, no upgrades, no time spent patching holes that shouldn’t have been there in the first place.
An automated accounts payable system that’s 100% cloud-based provides you and your team with a sense of control that can never be achieved with paper-based invoices. Online invoice systems let you know where every invoice is, how productive the people managing them are, and virtually everything else a control freak might possibly want to know about their payables – all in real time! Being in complete control may be the one thing controllers can’t put a value on and far be it for us to stop them from trying.
Learn more about how the right online accounts payable software can help you reduce invoice approval bottlenecks and make the control freaks happy!
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