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Why Automate Your Accounts Payable?

By Analytix Editorial Team

September 26, 2018 0 Comments
Why automate your accounts payable

Think streamlined operations, think better-managed accounts payable functions, think transformation that has the power to improve business bottom-lines. Automation, when done well, can help enable all of these.

Automation for accounts payable is fast becoming a preferred choice for startups and small businesses. Almost all accounting and bookkeeping functions require maintaining logs and records of transactions which form the basis of the financial operations and financial reports of the company. For a startup or a small business, this can translate into a volume of papers including receipts, invoices, bank statements, etc.

Some key priorities for manual bookkeeping are listed below:

  • Storing and maintaining paper records such that they are well-preserved to be retrieved when required.
  • Ensuring all paper records are available and none are missing.
  • Ensuring storage space, which is practical for use throughout the year; including weather changes such as rains and possible water leakage issues.
  • Ensuring all paper records are backed-up and stored for retrieval in case the original records suffer damage.

Accounts Payable Automation

Automating the accounts payable helps businesses in several ways:

  • Doing away with the bother of ensuring a reliable storage space for the business
  • Ensuring higher security for the records and better retrieval for use later
  • Creating reliable back-ups, including records that are easy to access and better-preserved as well
  • Streamlining the entire function and ensuring higher efficiency

Why Automation and Not Additional People Working on Accounts Payable?

The future of accounts payable is automation. More businesses are migrating to the cloud for higher efficiency as well as the ease of access and freedom from the requirement of physical office premises. Adding a skilled bookkeeping professional to a business team is a great idea, but this does not provide freedom from human error. Automation allows for a greater accuracy in record keeping, as discussed below:

  • Streamlined accounts payable function; increased accuracy when recording numbers and figures.
  • Reduced errors, including human errors and typographical mistakes when entering records.
  • The advantage of oversight is available in automation for accounts payable where data can be accessed in report format, as well.
  • Increased security, because automation comes with its set of security procedures that may include authorized access, the use of passwords, etc.

Bringing in Professionals

Professionals who understand the benefits and advantages of automation can help small to mid-sized businesses navigate this transition.

Consider the investments needed in automation for accounting services like accounts payable:

  • Software relevant to business needs; not loaded with unnecessary features nor under-equipped to manage higher volumes when needed
  • Hardware and infrastructure to support software needs and requirements, such as support and repairs
  • Capabilities to undertake updates and security patch upgrades
  • Manpower resources to run and manage the software

For startups and small businesses poised for growth, the above points may seem daunting because of the need for both, time and financial investments. Instead, outsourcing automation needs to professionals can help ensure better value for money, more reliable resources when it comes to technical expertise, and relief from the hassles of doing it all in-house.

Learn more about how to choose the right outsourcing provider for your business.

Analytix Solutions offers customized solutions for startup companies ranging from automation for accounting and bookkeeping to more complex requirements. For more information on how we can assist you, call us at 781-503-9004 or email us at [email protected].

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