Posted By Ash Conversions International
Running a tech start-up requires money and time. Because your capital may be limited you may not have the budget to hire an entire accounting team. However, with A/P automation software you can easily track and file invoices and reduce keystroke mistakes. There are numerous reasons why tech start-ups need A/P automation. Let’s explore them below.
Standardizing the invoicing process
Most companies send and receive invoices and these invoices need to be processed in a timely manner. Some people will send invoices as a PDF and some as hardcopy documents which can be easily scanned. There is no standard for invoices and this means they won’t always be in the same format. With A/P automation, the system will be able to process invoices easily no matter what format they arrive in.
No margin for error
Without A/P automated software, your accountant (or yourself, since you are running a start-up and may not have the funds to hire a numbers whiz) will have to manually enter data. This can lead to many keystroke errors and discrepancies that can mean the difference between paying a supplier $2,500 and $250,000. A/P automation allows you to scan invoices and documents so that there is no margin for keystroke error. Automated software reduces the amount of oversight needed to ensure that you spend less time filling in spreadsheets or making sure they’re free of keystroke errors and more time focusing on the tech you are creating.
Scalable and efficient
A/P software is scalable and can be replicated for use across different departments. As your business grows, this will come in handy. Your company can adapt quickly to growth without losing any efficiency, by spreading the automation software across multiple platforms and departments.
Running a tech start-up comes with many challenges but with A/P automation, taking care of your accounts payable won’t be one of them.