4 Ways Self-Service Accounts Payable Can Help Your Small Business
When you run a small to medium business (SMB), your accounts payable can quickly turn into a nightmare. Not only do you have to oversee regular overhead costs, like paying the rent, you also have to handle purchase orders (POs). Instead of trying to do it all or outsourcing to a third party, try a self-service accounts payable solution like the NextProcess APex SMB Self Service Suite. Here are some ways a self-service accounts payable solution can help your small business:
Easy to Use
When it feels like your vendors are chipping away at your profit margins and everyone wants a piece of the pie, an easy-to-use self-service accounts payable solution can be a lifesaver. When you implement a solution like this, it makes life easier for everyone. Vendors no longer need to contact accounts payable every time they require PO numbers, and you have one less thing to juggle. Whether you need a lightweight enterprise solution a couple of times a month or several times a day, self-service accounts payable solutions streamline the AP process.
A self-service accounts payable solution also makes it easy to manage vendors. When vendors use a self-service solution, things like payment dates are set automatically and prominently. It makes it easy for vendors to post terms and offer discounts for early payment, while, on the AP side, you have a record of receipt and payment details, letting you know at a glance how much you spend on each vendor. Also, your vendors can track payment as it moves through your system, and you have the opportunity to negotiate better terms.
One of the biggest strengths of a good self-service accounts payable solution is that it’s automated and introduces accountability. When you use a system like this for your SMB, general ledger coding, duplicate checking, and the ability to route individual vendor POs to certain people are standard features. These software features eliminate repetitive tasks and helps make sure that all of your entries are correct. User errors like transposing numbers, forgetting to enter a bill, or miscoding an entry are a thing of the past.
At the same time, accountability improves. It is easy to see invoice histories at a glance and resolve invoice issues while the system itself identifies “pain points” when cash flow could be tight and notifies your staff, so those issues can be addressed before they become a problem.
If you are like most companies, you have limits to how much certain people can sign off on, and POs have different required turnaround times. One vendor wants immediate payment; another gives Net 30. Some need nothing more than a PO number, while others need full payment account information, even for delayed billing. At NextProcess, we know accounts payable can get confusing and can take away from managing the money-making side of your business. Contact us to learn how the NextProcess APex SMB Self Service Suite can work for your SMB.