Businesses of every size have processes that keep their businesses running. Many of these processes, from invoice processing to insurance claims and contract reviews, are done manually and even still on paper or in email inboxes. Companies may not realize how negatively this is impacting their business. These manual processes slow the company down, making them inefficient and unproductive, while the rest of their industry is making their processes faster.
Keeping track of your accounts receivable and accounts payable is key to understanding profitability as a business. Over the past decade, the majority of large corporations have found ways to leverage accounting software and data capture tools to automate their entire process around reviewing invoices. Tools for this are expensive, but at their size, this is a necessity that ultimately produces an ROI for the company due to their large volumes of invoices every month.
With the onset of increased amounts of invoices due to your business growth, it is more challenging than ever for accounts payable departments to get their invoices reviewed, approved and paid on time. Not only is this a large concern for growing businesses, but so is the need to budget for more accounts payable employees to get through the workload if your process is not automated.