in: Company News, Cloud Computing
New, cloud-based accounting software can help you automate Accounts Payable processes. Late payment fees can really add up. While it may seem as if a $30 charge here and there is no big deal—over the course of a year—if you are sloppy with your credit card payments, you can accrue several hundred, even thousands of dollars, in late payment fees.
Automated bill payments make it easy to pay all your important business invoices on time, every time. Accounts Payable automation reduces the time and paperwork in the typical accounting department to reduce late payments, fraud, audits, and missed invoices.
Ready to automate your AP process? AvidXchange and Mindover Software are teaming up to bring you a great webinar. Join us for “5 Signs It’s Time to Automate Accounts Payable Processes .”
Automating the AP Process
What does automating the AP process look like? Cloud-based accounting such as automated AP processing can enhance:
- Purchase orders: An automated AP process means you can view all purchase orders electronically. Cloud-based software enables you to view POs from any device connected to the internet. Automatically match purchase orders to invoices and once approved, automatically move line items to the invoice.
- Billing: You can also automate the billing of services. This eliminates manual data entry. No matter how suppliers send you their bills, you can automate importing them into your accounting system. Emails, uploads, and paper invoices can all be automatically inputted into your accounting system.
- Invoice application: An invoice application mirrors the typical approvals and workflows within a company’s AP department. All of the invoice information is captured, including the status. It leaves an audit trail so you can find it. Approved invoices are imported into accounts payable for processing and payment. And everyone, everywhere can view which invoices are pending and which are paid thanks to cloud-based software.
- Payment applications: Pay your suppliers on time, every time. Maintain secure online banking connections while ensuring that everyone is paid promptly. This system offers customized payment workflows and 24/7 access to supplier payment data.
Additional tools that can be added to an automated AP process include enhanced supplier and invoice tools for better management. With everything synched to your system and available 24/7, you’ll never have to worry about an important shipment delayed due to late payment, an annoyed supplier cutting you off, or telling a customer he has to wait for an order because you don’t know when it was shipped. Now it’s all at your fingers through AP automation.
AP Automation Benefits
There are many benefits to automating your AP process through cloud-based accounting. These include:
- Lower costs: Not only will you save on those late fees, but you’ll have less paperwork to process.
- Improved cash flow: There are no delays with automating the payment process. This keeps your cash flow up to date and your general ledger, too.
- Higher morale: AP departments love automating AP processes. It’s less worry and paperwork for them with more time available to think through better ways of managing your company’s money.
- Faster rebate time: If you get rebates from suppliers for volume thresholds, the faster you pay those bills the faster you can gather up those rebates. It’s a win-win for manufacturers.
If you’re ready to explore automated AP processes, talk to Mindover Software today. Be sure to watch the free recorded AvidXChange webinar, too. Technology is improving every part of business, including accounts payable.
Mindover Software provides business software and solutions to companies big and small. Cloud applications from Acumatica and Sage provide companies of all sizes with powerful data management and business insights. We find solutions to many common business challenges where technology can help you save time and effort. Automated AP is just one of those areas. Learn more. Contact us.