Automate Your Accounts Payable and Accounts Receivable Processes
May 6, 2022Success in business is not just about making money. But businesses must be profitable to be sustainable. That’s why accounts payable and accounts receivable departments are so important to business operations. Too often though, human error and outdated processes interfere with smooth, timely financial transactions.
Is it time for an accounting department health check?
Automating Your Account Receivable (AR) Process
You deserve to be paid promptly for the work you’ve delivered. And yet 60% of invoices are paid late. Late invoice payments can result in serious cash flow issues, as well as strained professional relationships. So, what’s the hold up? Why aren’t you being paid as quickly as you should be?
There are several reasons for payment delays and errors within accounts receivable processes, including:
- Processing invoices manually can take a tremendous amount of time.
- Human data entry issues such as incorrect values, dates, or formulas often require manual investigations to fix.
- Paper invoicing drastically decreases the speed in which you are paid.
- Poor AR record management makes it difficult to find information—and can be especially time-consuming and concerning in the event of an audit.
Automated invoice processing is the solution—and OE Canada can help.
When it comes time to automate your accounts receivable process, it starts with deciding on a strategic workflow automation. That can feel overwhelming, but OE Canada can assist with more than 20 years of applied expertise.
We’ll work with you through a detailed discovery phase where we become an extension of your team. OE Canada’s accounting automation experts work to understand your current processes and pain points. We’ll collaborate with you to select the appropriate invoice processing software and ideal workflows for your business, then implement and train members of your team on how to best use the software. We provide ongoing support, so you’re always in good hands.
Interested in learning more about our process? Visit our previous post on Adopting Digital Transformation to Modernize your Business to learn more!
Benefits of Accounts Receivable Automation
- Increase productivity (opens doors to workforce restructuring)
- Get paid more quickly
- Reduce or eliminate discrepancies for improved billing accuracy
- Respond faster to the needs of customers and suppliers
- Ensure critical documents are accessible
Book a consultation with OE Canada’s business process automation experts.
Automating Your Account Payable (AP) Process
Promptly paying your bills is part of maintaining positive vendor relations and cash flow management. But we often hear common horror stories from AP departments: an invoice arrives from a supplier, but there is no matching purchase order (PO) in the system. Other times, a late payment notice is received, but there’s no record of the original request for payment. Why?
These types of discrepancies often result from human error, something that can be minimized with account payable automation. The proper software and workflow greatly reduce inefficiencies and eliminate confusion. OE Canada can help you process payments with ease.
Benefits of Accounts Payable Automation
- Invoices are always paid on time
- Reduce the risk of errors from manual data entry
- Take advantage of early-pay discounts
- Save time on audits with a well-defined audit trail/audit log
- Easily send communications for faster turnaround times
- Increase the speed of approval turnaround times
- Set up custom alerts to ensure important deadlines are not missed
Full-Cycle Automated Accounting Processes
It’s time to move away from manual, paper-based invoicing to fully automated, electronic invoicing that’s virtually error-free.
You don’t need to do it alone. OE Canada will support you every step of the way. Once set up, your accounts payable and account receivable departments will run more smoothly than ever, saving you time, money, and headspace for other financial tasks.
By automating your accounting processes, you’ll encounter fewer errors, improve supplier relationships, and even bolster your bottom line with a more predictable cash flow. Automate everything from invoice intakes to payment authorizations. You’ll wonder why you didn’t do it sooner.
Book a consultation with OE Canada’s business process automation experts.
Want to learn more? Visit our related blogs Adopting Digital Transformation to Modernize your Business and Digital Transformation & Content Management: Are you there yet?