Last updated on 4/13/2020
In response to COVID-19, companies all over the US are shifting to remote work whenever possible. Cloud-based systems have proven to be useful in supporting business continuity and daily operations. For example, utilizing a cloud-based accounts payable system has allowed organizations to gain more control over the payables process, increase team productivity, reduce the use of paper checks, and better manage cash flow.
An electronic accounts payable system speeds time to process bills and reduces approval delays. Users may easily enter, approve and pay bills from anywhere without disruption. In this ever-evolving age of innovation, managing the payables process only requires an internet connection and web browser or phone app. Businesses reduce risk and obtain more control by doing away with shifting piles of documents and paper clutter. In an electronic environment, sensitive information is encrypted, automated, and protected from fraudulent activity and uncontrollable events, such as a local disaster. Payments are quicker, more efficient, and involve less risk as opposed to manual processes.
Accounts payable automation greatly increases team productivity. Automation facilitates digital routing of bills through approval workflows and notifying approvers of pending approval requests. In a remote environment, necessary team members can sign off on transactions electronically, avoiding the use of a courier or physical means. Digital workflows strengthen communications with vendors and staff and help drive both collaboration and accountability. These advantages can free up time to be spent on areas of your business that matter most.
Checks have been declining as a universal form of payment over the past two decades. Beyond being outdated and time-consuming, processing paper checks is a costly process for many businesses. While there are several costs that factor into cutting a check, such as check stock, printer maintenance, and postage, the biggest factor is the time it takes for an employee to process the check, including mailing and reconciling the check. With the introduction of payment automation services, organizations are able turn to more convenient and cost-efficient options for processing payments. Cloud-based accounts payable systems support alternative forms of vendor payments including ACH (Automated Clearing House), EFT (Electronic Funds Transfer), and eChecks. These forms of payment bring more transparency and efficiency to your bill pay process and can also enhance the bottom line of the organization.
During the normal course of business, and especially during times of uncertainty, organizations are faced with daily challenges. Many of these challenges are addressed through smart management of cash. Cash flow is the lifeblood of an organization. It pays salaries, buys supplies, and makes investments in infrastructure. Organizations are turning to cloud-based accounts payable systems to gain better visibility into cash flow. Staying on top of outstanding bills can make or break an organization. Moving accounts payable to the cloud can solve many problems, including lost bills, double data entry, manual approvals, and missed due dates.
Electronic accounts payable systems help businesses maintain normal operations, even in times of disruption. By refining and advancing your accounts payable approach, you’ll have more flexibility, peace of mind, and greater control of the direction of your business.
Do you have questions about how electronic accounts payable can benefit your organization? Contact us to discuss your needs.