These Are The Five reasons why you should digitize your accounts payable management
In the current context, the manual method for managing accounts payable has become obsolete. Are you still wondering if you should digitize the process? We give you five fundamental reasons that will leave no room for your doubts.
The day-to-day life of a CFO is not an easy task. Controlling expenses and invoices occupy part of the time in a company’s everyday financial daily life. A considerable effort must be added to the working hours to keep total control of the invoicing processes, the purchase orders, the information and the status of the invoices, the types of corporate expenses, etc. How can you achieve comprehensive monitoring of your accounts payable management?
We give you the five reasons why you should digitize your accounts payable management :
Table of Contents
Because You Optimize Resources
How many times have you lost an invoice? You can’t find it, and you return to the same mental torture every month. Where have I put it? The digitization of your accounts payable management is the solution to the lack of control of all your corporate invoices. You will no longer have an entire administration and finance team looking for the document, and you can focus on other tasks of greater interest and priority.
By Automating Processes
If you are clear about the internal regulations for the approval of invoices, you will only have to incorporate it into an automatic rules engine and direct the blessings. With the automation of the invoice management process, you will approve and reject them quickly and with agility, in addition to ensuring that they comply with the company’s payment policy and that they are correctly reviewed. Of course, the automated system will not forget to pass the billing process flows through as many approvals as required.
For The Precision In The Purchase Process
Planning your expenses in detail is easier with an automated billing process. The purchasing process is more precise, and you can always pay your suppliers on time. With the digitization of the process, you can create purchase requisitions, submit them for approval, and convert them into prepared purchase orders for suppliers.
Because It Offers Complete Process Visibility
On a single screen, you will be able to view the entire billing process, the status of each invoice, expenses, volumes, and time cycle, with an infinity of data that will allow you to carry out specific monitoring of each task and provide information to your employees based on analytics. This tool will enable them to make decisions and negotiate optimal conditions with suppliers. Likewise, you will be able to obtain an integration with the company’s accounting systems and prepare customized reports according to the needs of each moment or the object of a specific study.
For Saving Time
According to the latest studies, it has been found that currently, companies take an average of 8 days to process an invoice, compared to only three days if they had an automated system of the accounts payable management process. The difference is remarkable to miss this great advantage.