While personal bills are a large enough undertaking on their own, managing payables in your business can seem like a never-ending, insurmountable task.
Do you have one or more individuals in your business whose entire day (every day) seems to be consumed with doing nothing more than opening and verifying invoices? What if there were a better way to manage this bottomless pit and reduce the time that this function seems to require?
Fortunately, technological advancements have provided opportunities to streamline the payables process and reduce the person-power it once required. Commercially available solutions can:
- Reduce the hours required to “key-in” and verify invoices;
- Streamline and digitize the approval process for invoices; and
- Assist in taking advantage of payment terms to improve cash flow.
Reducing key-in and verification time. Did you know that invoices can be scanned (or even automatically retrieved from an e-mail inbox), have their pertinent information digitally captured and be electronically routed into a queue so that all your payables clerk has to do is review the data for accuracy before placing it into your payables system? This streamlining step can save labor expense that, in short order, recoups your investment in the technology.
Streamlining approvals. Do you or others in your business dread, and therefore procrastinate in, working through the invoice approval pile? Instead of manually sorting through a stack of invoices and approving each one for payment, you can have invoices accumulated and electronically routed to the appropriate reviewer(s), who can approve them for payment with a single click.
Claiming more vendor discounts. How much money has your business left on the table when early-payment discounts weren’t claimed because the approval and payment process simply couldn’t be completed quickly enough to take advantage of a vendor’s offer? Automating payables allows you to process invoices more quickly and set reminders of vendor discount offers so that you can meet their payment deadlines.
Every business has its headaches, but processing payables does not need to be among them. With technology to automate your payables process, you can turn pain into gain and save money while you simplify.
(Original Post: http://www.bizjournals.com/nashville/news/2016/05/10/3-ways-to-automate-payables-and-turn-pain-into.html)