Traditional manual document management processes need to change — that’s one of many things the coronavirus pandemic has proven. With social distancing being enforced, it’s become impractical and risky to work with paper invoices. You need a solution that allows you and your accountants to manage your invoices effectively, efficiently, and remotely. That’s exactly what accounts payable (AP) automation allows you to do.
In particular, AP automation supports remote working by:
#1. Minimizing your dependence on paper
The goal of social distancing is to reduce the risk of infection. COVID-19 remains active on surfaces for several hours, so anything handled manually — such as paper invoices — could be carriers of the disease.
#2. Enabling you to receive invoices electronically
Paper invoices are usually sent or received via postal or courier service. If you and your staff work remotely, this could pose several problems. First, this means you’d need to be at the office to access your invoices. Second, with courier services scaling down their operations, you’d have trouble receiving your invoices on time.
With AP automation, you receive electronic invoices, or e-invoices, instead of paper ones. These are delivered in PDF or other digital formats through email, so you can access them even when you're at home, as long as you’re connected to the internet.
#3. Letting you process invoices anywhere
AP automation doesn’t just let you receive e-invoices from home, but it also lets you process them. The solution is cloud-based, so you can perform the necessary invoice-related tasks even when you’re out of the office.
With PaperSave, for instance, you can capture data from your documents using your phone camera. Optical character recognition technology converts the data into electronic files. These files are then automatically tagged and organized in a centralized database, which makes it easy to retrieve old records when needed.
Also, because automation takes care of most of the document management process, the risk of error remains low no matter what device you use to do your job. This means that you can be just as effective and efficient even when you’re working from home.
#4. Streamlining invoice approvals on mobile devices
Imagine your accountant or bookkeeper paying you a visit at home just so you can sign and approve your paper invoices. That’s how the traditional approval process would be with everyone working from home. It’s problematic in many ways: it wastes time, breaks the social distancing rules, and increases the risk of fraud, loss, and payments being settled late.
With AP automation, invoices can be approved even through your mobile device. All you have to do is install the appropriate app on your phone or tablet and you’re ready to go. The system is cloud-based and secure, so your financial data is protected from loss and theft. And because you’re likely to have your phone with you all the time, you don’t have an excuse to put off approvals.
#5. Giving you full visibility over your invoices
The coronavirus pandemic is a time of great uncertainty. AP automation gives you greater visibility of the accounts payable process. You can keep track of your company’s expenses, cash flow, and overall financial performance, enabling you to make educated decisions about your business’s future.
Another advantage of AP automation is that all of its functions are accessible through a single platform. This means you don’t need to move from one tool to another just to get the results and information you need, which is just one of several ways AP automation boosts your productivity.
PaperSave is a platform that automates the document management process. We handle and simplify key steps like document capture and approval to minimize error and speed up invoice management. Discover how we can revolutionize the way you store and process invoices by scheduling a free personalized demo today!
Is your business still plagued with paper-centric processes and manual workflows?
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