Why you need to automate accounts receivable and payable?

Whether you just stated your own business and have only a few invoices per month or your company crosses 4 digits when numbering monthly invoices, it is a good idea to think about automation of your accounts payable.

For those who are not familiar with the term, accounts payable is a short-term debt payment which needs to be paid to avoid default. As a term is not limited to companies and individuals have Accounts Payable such as water, electricity and cable bills.

However, we know that word automation is the one that scares you in this article since it can be related to adopting new technologies, learning process, and additional costs.

But it doesn’t have to be that way. There is reasonable invoicing software that is very user-friendly. And when compared to the benefits they bring to your business processes is a really great investment.

Below we have made a list of benefits that our clients came across when stated using Invoice Meister. We have divided them into 3 key areas:

REDUCES TIME:

  • Needed to print invoices received via email
  • Needed to scan invoices one at a time
  • Needed to fill in paper invoices
  • Needed to find paid and unpaid invoices, an activity that approximately takes 5 minutes per paper
  • Needed to check invoice numbering
  • Needed to approve, send and process invoices
  • Needed to check the status of the invoice and the overall debt

CUT COSTS ON:

  • Paper and toner for printing
  • People involved in sending, tracking
  • People who are responsible for data entry
  • Related to storage of paper invoices

DECREASES RISK OF:

  • Making a mistake when numbering invoices
  • Making a double payment or forgetting about due payment
  • Making financial report that is not updated or has wrong numbers
  • Losing an invoice
  • Forgetting to create, send and pay
  • Bad correlations with clients due to invoice misunderstanding

One bonus benefit is that is environmentally friendly and can influence your company image.  

If these benefits are not enough to make you think of automating your accounts, try Invoice Meister for free and let us know whether you have found something that we can add up to the list.