Good document organization is vital to your business’s productivity. If your company is not properly organized, paperwork can be misplaced, tasks can pile up, and you can lose valuable time that could’ve been used for more productive tasks.
The problem with paper-based processes
Despite the availability of digital solutions such as accounts payable (AP) automation, many businesses still rely on paper-based processes.
Any accountant can attest to the tediousness of certain accounts payable (AP) processes. And yet, some companies today still perform AP processes like invoice and document encoding manually. While they may think that their old AP systems are working just fine, they may not realize that they are losing money and supplier trust because of these.
Electronic invoices are superior to traditional paper invoices in many ways. They improve the speed and security of your invoice management process and are much cheaper to use than their paper-based counterparts. To give you a better understanding of the benefits of paperless invoice processing, this blog will discuss the solution and how it compares with using paper documents.
Accounts payable (AP) processes have always involved manual processes such as invoice and document encoding. These not only take a lot of time to finish, but they are also highly prone to errors. The good news is that businesses can take advantage of today's technology to streamline repetitive and tedious tasks, such as B2B payments.
You may think that using paper for business is a thing of the past. After all, businesses of old primarily used paper to disseminate information company-wide and to communicate with stakeholders. For instance, it was not uncommon for businesses to correspond with their partners via snail mail.
As the holidays approach, managing your accounts payable (AP) process will become harder for your AP team. One of the most effective ways to make the coming months less stressful for them is by investing in technologies designed to lighten their workload, like AP automation solutions.
In business, it’s crucial that you establish and maintain a good relationship not just with your customers, but also with your vendors. Besides time-tested habits like being honest and communicating effectively, new technologies that enhance the efficiency and accuracy of your transactions, such as accounts payable (AP) automation, can also help get your business on your suppliers’ good side.
The benefits of investing in new technology are long-term and often immediate. If you invest in an accounts payable (AP) automation solution like PaperSave, for instance, your Florida-based company will see several quick improvements.
1. More accurate invoice processing
Traditional, paper-based invoice processing requires plenty of human input, especially in encoding and recording data.
