Why You Need to Automate Your Payables

Ian Marlow HeadshotBy Ian M. Marlow
May 8, 2016

Long gone are the days of huge, dusty accounting ledgers where an employee tediously entered credits, debits, bills received, payments received, payments made, in tiny columns, with red ink and black ink and parentheses around negative numbers. Even though that type of system is completely antiquated, there are still companies that keep more paper records than they need to. It’s time to automate Here’s why:

  1. Automating your AP process eliminates a great deal of human error. When your entire system, from process through payment, is managed online, there are fewer ways that your employees can make a mistake, transpose a number, or otherwise make something go wrong in the system.
  2. Automating your payables saves time. When you can get your daily AP tasks done with a few keystrokes rather than shuffling through piles of papers each day, you’ll have more time for other tasks that will help your business grow and prosper. Automation also gives you immediate access to any information you may need for any aspect of your system, from purchase orders to invoices to comprehensive reports.
  3. Automating your AP system saves money. With an online AP system, the time you save will also result in a savings of dollars. Your employees won’t spend as much time doing the labor intensive tasks associated with AP, so they can work on other tasks. In addition, an automated system to pay your bills will save you the money that you may have had to pay in late fees for past due payments.
  4. An automated payable system gives you access to endless information. With an automated payables system, you can get access a variety of reports, including electronic invoices and data; budget forecast reports; purchase order and invoice tracking. Any and all information you may need is right at your fingertips.
  5. Automation gives you instant access to your AP information, no matter where you are. Even if you are out of the office, mobile accessibility will allow you to see what’s going on with your accounting system.
  6. Automating your system protects you from risks. With a paper system, if your office gets destroyed by fire or flood, all your records are gone. With automated payables, that would be one less thing to worry about. In addition, an automated payable system greatly reduces the risk for fraud. You can have fraud detection built into your system so you’ll be instantly alerted to a duplicate request for payment.

Overall, automated payables are far superior to paper systems. It’s time to explore an automated system for your company.

If you have any questions about automated payables , contact FITECH today at (212) 223-TECH (8324), email info@fitechllc.com or visit www.fitechllc.com. You can also find us on these social media outlets: Facebook, Twitter, LinkedIn, YouTube, and Google+.

2 thoughts on “Why You Need to Automate Your Payables

  1. Ben Chou

    Ian,

    Couldn’t agree more on reason to automate your AP. Nexus Payables truly is the perfect solution to do it with. Combining best of bread workflow approval with robust reporting and API integrations with over 53 different ERP/GLs.

    Reply
  2. Frank Petrella

    Good article Ian, one thing customers might keep in mind is that in the quest for AP efficiency, the goal isn’t always about reducing processing costs and getting rid of paper invoices and checks, but rather automating Invoice and PO Approval Routing, particularly with the complex decisioning often required with construction management expenses.

    Budget and Process are two things that often get under-scrutinized in a paper-based environment, and Accounting needs to see that everyone, including vendors themselves, did their part in the role they play in the AP process.

    You can Google “The way you’ve always imagined accounts payable” to research a host of options for anyone considering doing their homework on this important aspect of operational efficiency.

    Frank Petrella – Nexus Systems

    Reply

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