Anyone who owns a business is familiar with the accounts payable process. This department of your business is responsible for receiving, recording, and paying all incoming invoices for the business. This process can become very cumbersome, especially as your business grows. There are several reasons to consider automating the accounts payable process, no matter the size of your business.
Automation for accounts payable allows a business to invoice, process, and accept payment via an electronic program such as QuickBooks, FreshBooks, or a variety of other third-party applications. By automating this process, you are dramatically reducing the possibility of human error, such as duplicate invoices, missing payments, or typos. Even the best accountant or controller has encountered an error during their career. By automating the accounts payable process errors and missed steps are virtually eliminated.
Because invoicing is immediate payment tends to be sent and received by the customer sooner. Expediting the entire process will not only save your business money but it will increase your revenue cycle and get payments received more quickly. Most third-party applications allow for credit card or digital payment via their programs, making the entire process smooth and hassle-free.
Finally, automating the accounts payable process helps compliance and auditing in the future. Finding an invoice, whether to answer a simple vendor question or to help during tax season, is easier and more efficient when all invoices are housed in one application that is easy to access. These applications can generate incredibly resourceful reports automatically, such as a Profit and Loss Statement or a A/R Report. Automatic generation of these reports saves your business additional time and resources.
At Silverback, we know best how to adopt and automate the process for your accounts payables. We can help you save money, all while making payments from your customers easier. Give us a call at 317-580-8440 or send us an email and we will get back to you right away!
