Time-consuming accounting admin – accounts payable

For many SMEs, accounts payable takes a lot of effort and eats up their ‘‘me-time’.

Are you distracted? Accounts payable often distracts a business from their core mission.

Are you stressed? Whilst draining time, employees and management alike suffer by not being able to detach from work.

But rushing this process only leaves rooms for damaging mistakes, unpaid invoices, late payment fees, even upset suppliers. Not only can this damage a business’s reputation, it can hurt their credit score – a big YIKES.

Xero, the cloud-accounting software say, automation can “help your clients achieve business and lifestyle goals”. We definitely want that. Xero have also suggested that automating accounts payable could have such an impact that it could even improve employee’s job satisfaction, and research shows that a happy employee is a productive employee.

So, do you need to receive invoices in a certain way to reap the benefits of automation? No, the invoice could arrive in the post, via email or even an online portal, but most accounts payable software allow for this and make it incredibly easy to process the invoice.

Added bonus, Xero’s accounts payable software even advises when invoices are due.

Human Errors

Say goodbye to human errors by using an automated accounts payable software. This process requires much less manual data entry and so over and underpayments, along with that incredibly awkward and embarrassing ‘we’ve paid you too much’ email can be avoided. Automated accounts payable software can extract data from electronic invoices and capture data from a paper invoice through simply photographing it.

Invoice Approval

Streamlined invoice approval is one of the many benefits of automating accounts payable. Setting up a workflow for all invoices to follow is easy, the software takes care of the rest. Accounts payable automation is intuitive! Matching invoices to purchase order numbers is a breeze, making sure they are sent to the correct approvers. These approvers can then authorise or deny payment, or pause an invoice, from their phone! Plus, this process is completely transparent, with each step logged for viewing and reviewing at a future date.

Timely Payments

Pay on time and reap the benefits, such as securing discounts. Automation of accounts payable can help to identify and track early-payment opportunities, especially with the added help of a faster approval system. Paying on time or early can help to develop strong and advantageous relationships with vendors, saving possibly hundreds!

Security

Automated accounts payable is secure, money is transferred online, creating a completely traceable record of the transaction. Not only can this help fraud prevention, it also helps to ensure man-made mistakes are avoided as there is no chance of paperwork going missing.

Real-Time Data

Can you imagine being able to see your real-time accounts payable data? It’s completely possible when you automate your accounts payable.

If you’re looking to automate your accounting, we can help.  We are partnered with the cloud accounting software, Xero, and can advise you on the best solutions for your business. You can get in touch with our helpful team to get more information!