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What Processes Make Sense to Automate?
Business Process Automation plays a key role in the modern business world, but it doesn’t work equally well for every business process. Automating the processes that drive your business can result in efficient workflow, reduced costs, and increased transparency, among […]
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Why You Need Both CPMS And ERP Software
Enterprise Resource Planning (ERP) systems play a key role in record keeping. By themselves, however, most ERP systems are not equipped to provide the reporting and analysis tools you need to make capital project management decisions. ERPs can be expanded […]
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Why NOT To Use Excel In Your Business
Microsoft Excel has become ubiquitous in the business world. When first released, it revolutionized data processing and analysis and it’s been a fixture of financial departments ever since. Yet as businesses grow and develop, relying on Excel can actually do […]
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Satisfy Customers With Improved AP Outsourcing Software
Your AP department deals with a large number of internal and external customers. Under a paper system, this involves a high volume of inter-office emails and forms, as well as answering questions via phone and email from external vendors. It’s […]
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The Metric That Is Costing You Money and How to Fix It
Maintaining a good accounts payable turnover ratio is a delicate balance of efficiency, cash management, and vendor terms. Also called the Accounts Payable Days Formula or simply “Creditor Days”, this is a formula to calculate a “turn”-the number of AP […]
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Why Digitize Documents?
The amount of documentation you have to keep on hand to maintain a good record keeping system can be daunting. For larger businesses, record keeping often involves off-site storage facilities dedicated to managing documents. For smaller businesses, paper records can […]
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Strengthen Internal AP Controls
The Association of Certified Fraud Examiners (ACFE) estimates that 5% total revenue is lost each year to occupational fraud. Much of this fraud originates in the Accounts Payable department. Since all the money leaving a business goes through AP, it […]
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Optimize AP Visibility
Though most businesses are still processing invoices manually, more and more are starting to recognize the value of automation in the Accounts Payable department. Automatic software is one of the key trends to look for in AP as the year […]
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Purchase Orders for Growing Businesses
When just starting out with your small business, you probably didn’t invest in Procure to Pay software or automation for purchase orders. After all, how hard is it to just call your supplier up or send in an order online […]
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Optimize Cash with AP Software
For any organization, Accounts Payable is one of the largest cash consumers. By it’s very nature, AP is taking cash out of your company and sending it to vendors, but you can still save money even while making payments. Take […]
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Employee Satisfaction and Expense Reporting
A recent study published by Amsterdam-based marker researcher Ruigrok | NetPanel found that employees worldwide lose $15 billion a year in unclaimed expenses. Employees in the United States account for $9.7 billion of this amount, which comes from about 17% […]
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Your Vendors Should Email Invoices-Here’s Why
Despite our technological progress over the last ten years, businesses are still riddled with paper requirements. The IRS requires hard copy documents to be maintained for at least seven years. Some state laws mandate businesses keep hard copies for everything […]
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