We’ve come to accept that data is the lifeblood of a business — that is, if managed, stored, analyzed, and synthesized properly. In fact, the International Data Corporation (IDC) has predicted that the total volume of data will exceed 160 zettabytes, or 1021 bytes, by 2025. And which entities do they believe are going to be creating and managing a majority of that data? That’s right — businesses.
Efficiency and security are key to document processing. Not only do they help you accomplish the task at hand, but they also free up time that can be used for more valuable activities. Unfortunately, the traditional manner of processing gifts is cumbersome, slow, and laden with obstacles that all too often derail progress.
One way to improve your accounts payable (AP) process is to monitor, measure, and analyze your AP metrics. In fact, regularly tracking these values is key to knowing whether your AP team is meeting its targets and objectives.
It enhances the visibility of your invoice management and approval processes.
The pandemic has completely upended the way businesses operate. For better or worse, the old ways of working are gone. And now, home offices, flexible working arrangements, and Zoom conference calls are the norm.
However, managing an organization and collaborating with colleagues in a remote business environment isn’t necessarily easier.
Having strong leadership, a passionate volunteer base, and financial stability together can spell success for a nonprofit. However, there are other factors that can enable nonprofits to fully thrive. In particular, strategic communication and file management can pave the way for a highly productive, efficient, and competitive organization.
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.
