Posted By Ash Conversions International
The accounts payable department in any organization – big or small – may be faced with challenges that can have a negative impact on its processes.
An employee may not have the courage to suggest implementing an accounts payable automation workflow, which is why it’s important that leaders among an organization identify the signs that it’s time to implement:
Missing Payment Deadlines
Does the accounts payable department often miss paying invoices on time? It’s a common occurrence when departments are handling significant amounts of paperwork. Often times, invoices are misfiled, or get buried under files and therefore are lost in the shuffle of day-to-day work. In bigger departments, employees might be under the impression that a colleague paid the invoice already.
Aside from the fact that missing a payment deadline can put an organization’s credit score at risk, businesses are not able to capitalize on early-payment discounts, and may be subjected to paying late fees. More importantly, this may put your offices’ relationship with its suppliers in jeopardy over reoccurring late payments.
With an accounts payable automation workflow system, employees won’t have to worry about misfiling paperwork and late payments because the automated system digitizes files and streamlines the entire payable process!
Payment Approvals Take Too Long
As the person who approves invoices, how many times have employees added files of paperwork to your desk, only to let it pile up? For the employee waiting for invoices to be paid, it’s a frustrating process – waiting for them to be approved! Without a reliable process to get invoices approved before payment, invoice payments will be delayed and employees may also forget which invoices are waiting for approval.
An AP automation workflow system takes the guesswork out of wondering about the stage each invoice is at. Those who need to approve invoices will be sent reminders and a remote system will give them access to issue approvals when they’re not in the office. It’s easy, simple and effective.
As your business grows, so will the workload in the accounts payable department, and the strain on employees to keep up with the flow of invoices. If your team is not prepared to handle the increasing workload, it can lead to human error in the process, more late payments, and more time spent trying to keep track of everything.
Choosing ACI for your AP automation means you’ll have a solution that will match your business’ growth, which will save you money. It will also save your employees time, because they’ll have control over their workload.
Late payments are often a result of misfiled invoices in a busy department, but what’s even more damaging to an AP department is human error. When data entry and fact checking is relied upon by several employees, there is always a risk that errors will occur, including duplicate invoice payments.
There’s No Time Like The Present!
Automated systems are easy to learn, and the use of technology in the workplace is actively increasing. ACI’s AP Assistant™ Accounts Payable Workflow Automation Solution is easy to use, and that will make employees feel empowered when learning a new system that will improve their work life.
We would be happy to take you through the system in a free demo – it’s the only way for you to see how AP automation will positively impact your organization!