The Benefits of Using an Accounts Payable Automation System As technology continues to evolve, an ever-increasing number of business functions are undergoing various upgrades and improvements. While the business world of yesteryear was dominated by typewriters, file cabinets, and landline telephones, today’s corporate environment has been revolutionized by computers and next-generation technological wonders. Certainly the computer is an important accessory for modern-day accountants, but much of the field remains characterized by old-fashioned activities such as retyping data manually and filing paperwork away in messy cabinets. Many accounting professionals aren’t even aware that software programs have been developed that can perform a lot of these dull tasks for them. Accounts payable automation systems can save companies a lot of time and money spent within their accounting departments. Let’s take a closer look at the varied benefits that they provide. Save Time Processing invoices takes time—and time, as we are all aware, is money. By cutting down on the time spent handling and processing these invoices, a company can potentially save a substantial amount of money. That’s where an accounts payable automation system comes in. As with most kinds of automated processes, these systems get the job done faster than human hands could manage—from capturing raw data to instantly routing invoices to the appropriate person. These systems also provide centralized access to invoices, which means that personnel can easily look up pertinent data from their station, rather than having to go through the bother of tracking down a paper document. Furthermore, the time saved by making these processes more efficient can then be devoted to other business functions of higher importance. Meet Deadlines When you automate your accounts payable cycle, it becomes easier to send funds to your vendors prior to the deadline because a lot of necessary but laborious busywork has been condensed into a relatively short time-span. This increased turnaround speed also helps you qualify for early-payment discounts so often offered by vendors. Increase Available Floor Space Anyone who works in an office is painfully aware that those bulky file cabinets can take up a lot of room. This can be a problem for a growing business where floor space becomes increasingly cramped with the steady addition of new hires and new equipment. Luckily, an automated accounts payable system lets you store invoice data electronically in a secure manner, so there’s no need to keep around mountains of paperwork. There’s another benefit to getting rid of those big, ugly file cabinets: improved security. It’s relatively easy to control access to digital data that has been carefully stored on a computer protected by passwords and other cybersecurity tools
and procedures. Opting for digital data storage instead of those old paper storage cabinets can also help your office become more eco-friendly. Reduce Errors Overpaying vendors, missing payments, sending multiple payments for the same invoice—these are a few of the occupational hazards that afflict those who manage accounts payable services. A powerful automated system, however, can flag these errors before they can cause damage to your bottom line. Summary By using an accounts payable automation system, an accounting department can take advantage of a number of money-saving benefits, including reduced turnaround times, greater efficiency, and decreased data-storage demands. Company Bio Headquartered in New Haven, Connecticut, Square 9 Softworks has earned its place as a leader among enterprise content management (ECM) companies. Square 9’s suite of award-winning document management tools includes SmartSearch, GlobalSearch, GlobalForms ImageXChange, and other process automation solutions, crafted to help companies simplify business, and simplify life.