Your business relies on accounts payable and invoice management to function properly. Integrating these two systems will help your company improve cash flow.
Plus, you can easily review your invoices, check your ledger, and ensure that your company is not losing money. Continue reading to learn what you need to know about integrating these two systems and training your staff to use them.
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Information Can Be Lost Easily
Invoice management helps you learn how much money your company spends every month. You can avoid paying fraudulent invoices, and you can scan all the invoices so that you have a copy of the document. When you have a copy of the document, you can review that document at any time. Information is lost when you only use paper documents, and a copy of that scan can be used to make the payment.
When you are sending your payment with a copy of the invoice, you can keep track of your money. Plus, you will notice duplicate invoices or duplicate payments that may be incorrect.
Your Accounts Payable Team Does Not Waste Time Investigating Invoices
Your accounts payable team does not have time to track down every invoice, and they need to know that all the invoices are complete. If you have integrated the systems, the AP team will not receive an invoice unless it is complete. Plus, the AP team knows they are allowed to pay these invoices.
If you are training your accounts payable team to handle invoices, you can show them how to quickly review the document, make the payment, and log the payment. Their software will record the payment, and you will not need to worry about any problems with payments.
Your Invoice System Can Stamp Each Document With The Appropriate Information
Your invoice system will send documents to your accounts payable team with all the proper information. The invoices will show the account that should be used to make the payment, and an adjusted address may be included. The team could then use invoice data extraction software in order to get the data they need from the invoices.
Your invoice system will show every page of the document, and your accounts payable team can get the address of the documents, find the online portal to make the payment, or find a number to call.
When your accounts payable team knows how to make the payment properly, they can be much more productive during the day.
Your Ledger Will Always Be Correct
Your ledger will always be correct if you are using automated systems. Your accounts payable staff does not need to translate information from paper documents to digital ledgers. The invoice system has scanned the document.
The AP team makes the payment using an online system, and the information is sent to your ledger instantly.
You can even check the ledger in realtime as you are working. If you are waiting for a certain invoice to be paid, you can check until you see it come through.
Integration Saves Money
Integration saves your business money every day. You are putting your staff to work doing things that they do not have time to do. When other projects get pushed back, you are losing money. You may start paying your staff overtime for work that could be done by an automated program. Plus, you can have your staff do other tasks that will make your company money.
When you are trying to review all the things that happened during the week, you cannot get your job done if you are spending too much time reviewing invoices. Plus, you do not have time to investigate the invoices on your own. When the programming does all the work for you, you can get back to managing the core of your business.
You May Request a Unique System
When you are integrating invoices and accounts payable, you can purchase a system that was designed specifically for your business. The nature of your business determines how you should manage invoices and payments. Plus, you need a system that will be easy for your staff to use. You cannot save money during the week if your staff is using the software they do not understand.
When you order your own system, you can set up an online portal to accept invoices, a system that sends those invoices to accounts payable, and an accounts payable program that makes the payments easily.
Conclusion
Your company needs to manage its money in the most efficient way possible. You will lose money if you use the wrong accounting software, and you cannot ask your staff to do more work during the day.
It is hard for your staff to get all their work done when they need to review paper invoices and send checks. You also need to make sure that you have found a developer that will help you build the best system that integrates accounts payable with invoice acceptance.