Reasons Why Your Business Should Automate Payments Pt. 2
Automated accounts payable solutions streamline processes, remove human error, cut down on costs, speed up invoice processing, and more. In part two of our series on automated payments, we break down even more reasons why your business should move away from cheques and manual payment processing.
To view part 1, click here.
Automated Payments Increase Visibility & Oversight
Automated, electronic payments offer your company greater visibility into its finances. Analytics and improved processing make businesses more aware of the day-to-day operations. Electronic payments let companies capture more data, which can be used to create easy-to-read, customized reports. Electronic invoices increase transparency and remove the headaches typically involved with tracking and auditing. Multiple parties can access invoices simultaneously to review, dispute, and confirm charges, all at the click of a button.
Automated Payments Increase Productivity & Efficiency
Automated, electronic payments increase staff productivity and allow employees to handle increased workloads while also reducing the need for management to bring on more staff. Manual invoicing and accounting is a waste of time, effort, and skills; the majority of invoice processing is based around reading and entering figures, and checking numbers for accuracy. Automated payments streamline these processes and offer accounts payable professionals the freedom to put their skills and energy into other roles, such as analytics. Instead of spending time on data entry and number checking, these employees can instead focus on ways to improve the business. Automated payments remove the chances of lost or missing invoices/payments. The entire process is streamlined, easy to interpret, and a breeze to fix in case of any errors.
Automated Payments Increase Control & Customization
Automated accounts payable systems offer an unparalleled sense of control that simply cannot be achieved via outdated manual invoices. Digital invoicing allows for instant updates and the ability to customize the workflow to suit the needs of any company. Handling payments, balancing workloads, and authorizing payables are simple.
Automated Payments Increase Supplier Satisfaction
Automated payments decreases the amount of time your suppliers must wait to receive payments. Real-time visibility and up-to-the-minute payment status updates reduce time spent on inquiries and will help to improve your relationships and increase future business opportunities.
Automated Payments Improve Record Keeping
Paper forms are easy to lose, which can cause a multitude of problems for your business. Digital payments are easy to track and share, offer complete transaction histories, and are created automatically.
Make The Switch Today
It’s time to take your business out of the Stone Age and move away from outdated manual invoicing. It’s time to switch to automated payments. Make the switch today.
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