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Accounts Payable might not be a very simple aspect of accounting without the help of an expert team. The complexity of accounts payable increases as the volume of invoices experiences a sharp rise. If automation isn’t possible inside your business premises, accounting outsourcing firms might be of great help!
The five-step accounts payable process include:
Invoice acceptance
Review
Approval
Processing for records and payments
Let’s look at how accounts payable automation can help your business.
Avoid losing invoices by automating with e-invoice
Every month a business receives a whole lot of invoices through multiple channels like PDF’s, JPG’s, PNG’s, fax, mail and also manually on papers. But what happens after that? It gets lost! Sometimes, payments are made, but they fail to reach the destination, leading to the same amount being made twice. These invoices do not experience a very safe passage, and when lost once, they aren’t found. The loss incurred in such cases is giant. By shifting to e-invoices, paperwork cluttering is no longer a problem. Further, the invoices are never lost, which leads to a swift and smooth process. Therefore, shifting the invoice to electronic mode should make up to be the first step of Accounts Payable Automation.
Invoice data entry becomes smooth and fast
Reports have claimed that almost 12.5% of invoices require double work. While this number might seem small, it really isn’t that small. The area that suffers the most due to inaccurate data entry is accounting work. Sometimes there’s a pile of invoices whose quality is absolutely low, and dealing with them can be another great challenge.
It directly impacts time, effort and resources that go to waste and to correct them results in double work that is highly unproductive.
Some common mistakes can lead to heavy solutions.
The up-gradation of accounts payable senses the invoice data from printed invoice sheets to facilitate the loading of precise data. Also, if you can do e-invoicing, that would be better. The specialisation of OCR is that it can accurately process the whole automation of data entry. The accountants further analyse the details to accommodate future audits.
Every transaction saves money
When you automate your Accounts Payable, the process speeds up. This means that you don’t need to spend a lot of time, which saves resources. All the late payment problems get a top-notch solution leading to zero penalties. The biggest monetary benefit is minimised discrepancies in finances.
Prevents Financial data theft
Accounts payable are very inclined to financial fraud. It is very easy to manipulate manual AP data; it doesn’t matter how organised the data is! Automating the data brings transparency and visibility that facilitates convenient audits and the prevention of financial theft.
FinConcile is a UK-based outsourcer consisting of CA’s, CFO’s and other accounting experts who cater for all accounting and financial needs. Find us for services catering to finance and fanatics!