The accounts payable process is one that all businesses have to go through. It can be costly and time-consuming, but it doesn’t have to be. There are more ways to reduce the amount of time and money spent on paying bills. One way is to embrace scanner for paperless office software. This will help you manage your bills in a more efficient way and save you money in the long run!
There’s no need for AP to get you in trouble.
- There’s no need to pay extra money for your AP department if they don’t save you money on early-payment discounts, late payments, missed invoices, dozens of phone calls and emails, or faxes.
- There’s no need to time and resources paying one invoice when you could just as easily pay a number of others – which is what the majority of businesses do.
- There’s no need to fight in a paper-based office setting: an uphill battle that isn’t worth the time, resources, or mental endurance to maintain up.
Trade it for another AP chain and get into the game.
The accounts payable process might be significantly simplified by adopting a paperless document and content management system. There’s no software to update, no upkeep required, and there are no upgrade costs. Plus, you’ll be up and running in hours or days rather than months.
What does paperless office software do for your accounting?
- Consolidate document management, routing, approval, collaboration, archival, and even records retention schedule to make the whole AP process more efficient.
- Allow your providers to submit electronic invoices to save time and money for both you and them.
- All that mail opening and physical invoice delivery to your AP team will save you time and money.
- At all times, keep everyone up to date on invoice status and location.
- Customer access to invoices is now available globally. Set up immediate access to bills for approvers, regardless of their location.
What exactly is an EDMS, and how does it function in reality?
A few bullet points detailing advantages and features may not be enough. You’ll need a genuine-life example to make it clear. Here’s how it might look in a paperless-AP scenario, one you want to start implementing into your business as quickly as feasible:
- Invoices are sent to your company.
- The email tool automatically places the invoice into the AP process.
- The invoice is sent to your AP team’s members based on their permissions for review and/or approval.
- A number of invoice data can be manually entered into the accounting system, or, alternatively, the necessary information may be collected and automatically entered.
- The process may also be set up to route bills to different reviewers in other departments, depending on the procedure procedures that have been established.
- You can sign electronically, so there is no need to print and scan anything.
- Reviewers can work together on invoices if they have concerns. So, instead of conversations taking place over email, they are taking place in a secure environment and linked to the invoice as a separate note.
Put the flow in a workflow.
We’ve previously discussed the difficulties corporations confront in maintaining their process flow on a continuous basis. The good news is that, by design, paperless office software that simplifies your accounts payable procedure also reduces overhead.
Here’s how a paperless document management system cuts back on your workflow and opens the door to transformative process improvement:
- Get meticulous vendors on your team: Allow vendors who would like to be paid on an unusual timetable to submit invoices.
- Get some more points on the board: Many suppliers offer incentives for making payments early. Some providers charge penalties for late payments. Take advantage of both scenarios.
- Play in the huge stadium, under the lights, of course: You don’t know where invoices are in the AP process until everything is written on paper. With an information management system’s visibility, you now have control over how much energy you use for daily paper-pushing, whether or not you keep track of your money flow, and whether or not you can identify process-clogging bottlenecks.
- Put your team into high gear: Streamline the review and approval process. Set up customized notifications to notify people ahead of time when things aren’t on track, or important records are trapped in the system.
- Grab the most spectacular jerseys in the league: Today’s document management software is highly configurable, which makes it much easier to tailor to your company’s needs. You adapt the system to your own business, not the other way around. When it comes to the finest workflow management and document control solutions available, don’t expect (or accept) a ready-made “solution” out of the box.