Why You Need to Automate Your Payables

Posted 05/08/2016 · 2 Comments

Ian Marlow HeadshotBy Ian M. Marlow
May 8, 2016

Long gone are the days of huge, dusty accounting ledgers where an employee tediously entered credits, debits, bills received, payments received, payments made, in tiny columns, with red ink and black ink and parentheses around negative numbers. Even though that type of system is completely antiquated, there are still companies that keep more paper records than they need to. It’s time to automate Here’s why:

  1. Automating your AP process eliminates a great deal of human error. When your entire system, from process through payment, is managed online, there are fewer ways that your employees can make a mistake, transpose a number, or otherwise make something go wrong in the system.
  2. Automating your payables saves time. When you can get your daily AP tasks done with a few keystrokes rather than shuffling through piles of papers each day, you’ll have more time for other tasks that will help your business grow and prosper. Automation also gives you immediate access to any information you may need for any aspect of your system, from purchase orders to invoices to comprehensive reports.
  3. Automating your AP system saves money. With an online AP system, the time you save will also result in a savings of dollars. Your employees won’t spend as much time doing the labor intensive tasks associated with AP, so they can work on other tasks. In addition, an automated system to pay your bills will save you the money that you may have had to pay in late fees for past due payments.
  4. An automated payable system gives you access to endless information. With an automated payables system, you can get access a variety of reports, including electronic invoices and data; budget forecast reports; purchase order and invoice tracking. Any and all information you may need is right at your fingertips.
  5. Automation gives you instant access to your AP information, no matter where you are. Even if you are out of the office, mobile accessibility will allow you to see what’s going on with your accounting system.
  6. Automating your system protects you from risks. With a paper system, if your office gets destroyed by fire or flood, all your records are gone. With automated payables, that would be one less thing to worry about. In addition, an automated payable system greatly reduces the risk for fraud. You can have fraud detection built into your system so you’ll be instantly alerted to a duplicate request for payment.

Overall, automated payables are far superior to paper systems. It’s time to explore an automated system for your company.

If you have any questions about automated payables , contact FITECH today at (212) 223-TECH (8324), email info@fitechllc.com or visit www.fitechllc.com. You can also find us on these social media outlets: Facebook, Twitter, LinkedIn, YouTube, and Google+.

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