Automate accounts payable
Automation of Accounts Payable
The question is often asked, should I automate the accounts payable function of the corporation.
We advise clients that unless they have very few accounts payable invoices to pay per period, that they should automate this function. The benefits are many, and include reducing staffing costs, freeing up your staff’s time to focus on value adding activities, and a lower chance of missing payment due dates.
Our firm is able to assist you with automating your accounts payable function and the investment will repay itself many times over by way of saving staff costs and time.
Contact us to discuss further.
FAQs
Does this mean I will no longer write out checks?
Yes, the system you choose will pay the bills directly to the vendor, and you will make one payment per pay run to the AP system that you have chosen. There will additional savings in that you will no longer pay for check printing costs and postage, and the bank reconciliations will be shorter and quicker to prepare as there will no longer be outstanding checks to reconcile.
Will the system integrate with my accounting system?
It may, and many of the available systems do, we will assist you in making a choice of system and one of the criteria will be whether that system is able to integrate with your existing accounting system. This will be advantageous as integration will bring even more time and cost savings.
Will the system replace my AP team?
This will depend on a number of factors, including the number of AP customers, number of invoices received and paid in a period. In some cases you might retain some people and divert their time to other duties which require attention, in other cases you may convert some full time positions to part time positions, but we will advise you regarding options and outcomes so that you can make the decision that you feel comfortable with.