5 Strong Signs You Need To Automate Your Accounts Payable
You’ve probably heard about automatic AP software and how good it is for business. But how do you know when it’s time for your company to make the switch? Here are five signs to look for:
1) You’re Missing Payment Deadlines
It’s easy to lose track of invoices when you’re on a paper system. They can get buried under other paperwork, misplaced in the shuffle, or you might think someone else already paid that invoice. It’s understandable, it’s but not good for your company.
Missing payment deadlines results in late fees and can damage your relationship with suppliers. Automation saves money across the board and fixes this unneccessary problem by tracking deadlines so you don’t miss any more payments.
2) Payment Approvals Get Delayed
Sometimes it’s hard to get a hold of the people who need to issue approvals for invoice payments. Also, without a reliable way of keeping track of where each invoice is in the approval process, you might not know which invoices are waiting for approval.
Automated AP systems track each invoice so you can look up exactly what stage of processing it’s in. The system also sends reminders for approval and remote system access lets people issue approvals when they’re not in the office.
3) Your Business Is Growing Fast
A growing, successful business can quickly overload an accounts payable department. If your AP Department isn’t ready to handle the increased workload, you’ll start seeing more errors, more late payments, and less time for employees to focus on keeping the business growing.
Choosing NextProcess for your AP automation means you get a system that scales to match your business’ growth. This saves you money since you only pay for what you use. It also gives you more control over increased workload without hiring many new employees.
4) Errors Slip Through
Whenever data entry and fact-checking relies on human employees, there’s a risk of human error. This is one of the reasons not to use Excel in your business – it’s too easy for errors to slip through. Paper or Excel-based systems also make it easier for someone to commit fraud in the AP department.
Automated AP systems make it easy to accurately capture data, double-check numbers, and eliminate duplicate invoices. At the same time, you’ll also have the oversight needed to watch for and catch, or prevent, fraud.
5) You’re Hiring New Accountants
Whether you’re replacing a retired employee or growing your AP department, it takes new employees time to familiarize themselves with the system. For younger employees in the Millennial generation, adapting to a clunky paper-based system can be particularly frustrating.
Automated systems are quick and easy to learn, especially for millennials who expect to use technology in the workplace. These systems are also simple and user-friendly for people who aren’t as familiar with computers. And, if you choose NextProcess, we will help you get started with our software. Get in touch with us to view a free demo to see for yourself how much AP automation software will help your specific company.