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 Often, these problems are caused by outdated practices — paper-based invoice processing, check writing, manual record-keeping, and the like.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Manual data entry is a crucial step in the accounts payable (AP) process, but it’s painfully outdated.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.
Now, more than ever, small businesses need to be cost-efficient, secure, and resilient. Let's take a look at today's business landscape, and see how a cloud-based document management system (DMS) can help businesses out.
What challenges do small businesses face in 2021?
Many of the challenges faced by small businesses this year are offshoots of the ongoing coronavirus pandemic and unstable economy.
Nonprofits have much to gain from investing in the right technology. Something as basic as having the latest operating system in your office computers, for instance, will not only shorten turnaround times, but also improve your cybersecurity. Considering how much paperwork nonprofits usually deal with on a regular basis, a document management system (DMS) should definitely be a must-have.
Shared documents are exactly as their name describes them; they are a paperless solution that allows multiple users to use or work on a single file simultaneously, usually over the internet. It doesn’t matter where the users are geographically. As long as they have the right credentials, users will be able to access the document and collaborate with their colleagues.
A document management system (DMS) is a sound investment, whether you want to boost the efficiency of your accounts payable (AP) process or maximize the security of your finance data. But with all the options available in the market, finding the best DMS software for your business is often easier said than done.
