In any organization, accounting departments are likely to benefit the most from increased productivity, centralized data, and financial savings — all of which can be achieved with accounts payable (AP) automation. In fact, more and more businesses are turning to cloud-based AP automation solutions for a cost-efficient way to improve risk and cash management, free up internal resources, and enhance security.
Cloud computing has without question made it easier to work from any location. However, remote collaboration still comes with a unique set of challenges. For example, some staff may find it difficult to communicate effectively with colleagues and clients online, while others may not know how to properly use tech for remote collaboration.
A document management system (DMS) can play an important role in facilitating effective collaboration in an organization. PaperSave, for instance, lets users organize all their documents and data in one place. Having a central repository not only makes it easy to store and retrieve relevant information, but it also speeds up workflows, improves accuracy, and provides round-the-clock access to files from anywhere in the world.
The manufacturing industry was one of the first industries to embrace automation. By using technology to facilitate repetitive tasks, manufacturing companies discovered early on that they could maximize their efficiency.
However, not all have been quick to embrace accounts payable (AP) automation in the same way.
The average accounts payable (AP) department deals with a variety of issues on a regular basis. Often, these problems are caused by outdated practices — paper-based invoice processing, check writing, manual record-keeping, and the like. If you’re noticing that the issues with your finances are becoming more costly, then it’s time to stop relying on manual AP processes .
What are the top challenges in accounts payable?
Here are some of the most common AP issues that can plague your business.
No nonprofit organization can succeed and grow without the trust of their donors and sponsors. Because of this, you need to do what you can to build and maintain their confidence. Providing honest service and keeping a solid relationship with stakeholders are vital to achieving this goal, but investing in paperless solutions can be just as crucial too.
Considering the cyberthreats companies across the globe face, especially during the pandemic, you need to protect your data with the best solutions available. Cloud-based document management systems (DMS) are well known for their efficiency-boosting benefits, but did you know that they can help with your data security too?
Going paperless protects your data
There are many issues with paper documents, among which is how easily they and their contents are stolen.
For many workers in Florida, the ability to work remotely is a lifesaver — literally. It allows them to do their jobs while minimizing their likelihood of contracting COVID-19. Remote work, however, can pose serious security risks for your business and its data.
Like other organizations, nonprofits try to cut costs and save money, but doing so without compromising operational efficiency and output quality is easier said than done. Investing in fundraising software to automate gift processing and other key steps in your operations is an effective strategy for achieving this goal.
Manual data entry is a crucial step in the accounts payable (AP) process, but it’s painfully outdated. If your bookkeepers are still manually transcribing data from one document to another, then you should consider AP automation instead. Here’s why:
1. Manual data entry takes too much time
Manual data entry can take anywhere from a few minutes to several hours to complete and can prevent your bookkeepers from performing higher-value tasks.
