How to go totally paperless with paperless accounts payable software
Recent world events revealed the importance of working in the cloud rather than depending on paperwork and files. For decades, the AP team struggled with tedious and time-consuming manual processing. Now, many companies are discovering the advantages of implementing paperless accounting payable software.
Going paperless enables companies to communicate remotely via the cloud, regardless of location or worldwide events, such as natural disasters or other unforeseen interruptions. Companies with AP software can seamlessly handle invoice approvals, vendor vetting, and other essential work in real-time. As a result, companies remain productive and profitable, regardless of circumstances beyond their control.
The C-suite has discovered paperless accounts payable is the solution to saving money, remaining productive, and maximizing human resources for thoughtful work rather than repetitive tasks. Plus, it has become crucial to adopt cloud AP software to stay on top of financials and be competitive. Discover how to reap the benefits of going paperless with accounts payable software.
Analyze Current Processes
The first step to adopting the right AP software is to analyze current processes and find pain points. Consider common AP issues, such as lengthy approval of invoices leading to late payments, security gaps, and endless hours spent generating financial reports. The AP team should work closely with the C-suite to show the hours and money wasted on manual processes versus the time and money saved by going paperless.
Once these processes are analyzed, review how paperless accounts payable software can alleviate these pain points and streamline operations. For example, automatic updates, real-time data entry, and constantly updated financials help eliminate fraud and errors. In addition, month-end and year-end financial reports take a fraction of the time, enabling the C-suite to make crucial financial decisions when it matters most.
Work With the Team
The next step is to discuss introducing technology to the team to get everyone on board. Once the team understands how automation removes enduring manual processes, they will be ready to transition. Training opportunities coupled with automatic updates make learning and working with the latest paperless accounts payable software. Plus, the AP team will have time for more revenue-producing tasks, such as negotiating discounts with vendors for early payments.
Once the AP team appreciates the value of introducing new technology, it is crucial to make the C-suite feel comfortable about investing. Reviewing the potential ROI for implementing paperless processes encourages management to include it in the budget. Advantages include faster payments and processing, improved vendor relationships, better use of human resources, and savings for early payments.
Establish Goals for the Transition
Once everyone is ready to automate, establish goals for the transition from manual to cloud processes such as:
- Integration with the existing systems for maximum visibility and faster approvals
- Minimize labor costs and improve work conditions by eliminating manual processes
- Reduce errors by eliminating manual keying and the dreaded paper chase
- Improve supplier access to invoice and payment status to improve inventory flow
- Enable collaboration and approval remotely for real-time updates to stay on top of financials
Also, decide about paper and how much, if any, will be part of the future processes. Keep in mind that paperless accounts payable software aim to reduce or eliminate the hassles, errors, and potential fraud associated with manual processing.
Choose the Right Paperless Accounts Payable Software Provider
For decades, a paperless office has been a popular buzzword. However, the average office worker uses about 10,000 sheets of paper annually, with corporations spending more than $120 billion on printed forms - which are typically outdated within just three months. PDF and artificial intelligence (AI) are options when going paperless. However, for most companies, cloud automation is the most intelligent choice. Features such as access to financial data in real-time and automatic updates save time and money in the future.
Choosing the correct paperless accounts payable software provider ensures a seamless transition. From integration to training and updates, work with a dedicated partner to instantly maximize the ROI. Most companies comfortably make the transition within a few weeks or months, enabling money-saving discounts for early payments, reduced labor costs, and other measurable savings.
Paperless accounts payable software is an essential tool to remain productive, profitable, and competitive in an automated business world. However, failing to adopt this technology now means losing out on measurable benefits, such as real-time access to financial data to make educated financial decisions.
