4 Common Problems In Accounts Payable
It’s nearly impossible to find a business that hasn’t struggled with getting on top of their IOUs. The problem’s easy to recognize, but hard to deal with. Taking on accounts payable and turning it into an efficient department isn’t an easy task. And that’s why many businesses are turning to AP automation software for help dealing with their toughest challenges.
Problem: You’re losing invoices. Trying to keep track of incoming paper has become more than you can handle.
Solution: Digitize your invoice handling. When you’re using AP automation software, invoices don’t get lost. The system processes incoming electronic invoices automatically. And once you scan paper invoices the system processes them the same way.
Problem: Invoices aren’t processed by the payment deadline. And that means your company is hemorrhaging money in the form of late fees and higher processing cost-per-invoice.
Solution: Speed up processing. Automatic AP software keeps track of your invoice deadlines and makes sure they’re processed on time. And just like that, no more late fees. Plus, fewer employee hours spent on each invoice lowers the processing cost.
Problem: You’re spending more time following up with suppliers or management than actually processing payments. It’s a never ending barrage of emails and calls trying to get approvals, meet conditions, and sort out problems.
Solution: Streamline your follow up process. NextProcess software sends automatic approval reminders so you don’t have to follow up with management yourself. It also lets you give suppliers access to a vendor portal so they can check the status of their invoice without contacting you.
Inefficient Record Keeping
Problem: It takes forever to find information about past transactions. Trying to keep records organized feels like fighting a losing battle. And once you organize the records, collecting usable data still takes huge amounts of time.
Solution: Create a searchable online document repository. Automated AP software stores records of past transactions in a digital format that makes finding and using your data simple. And you can add information from past transactions as well. We’ll even scan and organize your paper files for you.
It’s time to start protecting your business’ interests by utilizing accounts payable automation. Companies that overhaul their accounts payable process with NextProcess find things run a whole lot smoother than they did before. The electronic system gives you the flexibility and control you need while speeding up invoice processing and saving time. Get in touch with us and give NextProcess a try today!