Making the Transition to Paperless Accounts Payable
Every month the process is the same for your company: invoices come in, and payments go out. And since your accounts payable department is solely responsible for keeping track of all the receipts, invoices, contracts, and other payable documents that come into your business, you need to make sure everything is accurate. Paperless accounts payable processing is a good way to do so.
Most AP departments work the same. They receive paper invoices that need to be captured, coded, and then matched against purchase orders or receiving notices. It can then be rerouted to the correct person for approval and payment.
To better assist your AP department and improve the overall workflow, it’s necessary to transform how your company is currently handling the AP process. The best way for small, mid-size and even large companies to do this is by going paperless with automated AP software.
Paperless Accounts Payable Tips to Implement Now
If you’re considering transitioning your AP department over to a paperless workflow or have made the transition recently, there are some things you can do to optimize your workflow. Below are the top three ways to keep your AP department working efficiently.
1) Set Up Better Company Workflows
Whether you have implemented AP software or are considering it, you need to have a solid workflow in place. Some things to consider include:
- Who reviews the invoice?
- What does the chain of approval look like?
- What variables need to be considered (e.g. invoice amount, which vendor, etc.)? And how do those variables affect the approval workflow?
- What is the timeline for getting an invoice approved?
Since this can differ for every company, it’s important to decide what’s right for your team. Paperless accounts payable will only be successful if you have a workflow established.
2) Training and Buy-In
As with anything new in a company, you have to get buy-in from all team members to make it successful. AP software isn’t hard to use and only requires minimal training, but without a clearly defined process that everyone in your company follows, you could be setting your business up for failure. Create documentation around the new automated system, how it should be used, and set clear expectations for team members.
3) Automate Payments
Find an AP automation provider that uses a simple, single process to send payments. No matter what payment method is used, the automation software can help pay all bills directly and on time. The complications are gone. AP software, such as PaperTrl, is designed to uncomplicate the process by turning multiple steps into just one.
Paperless accounts payable automation helps you and your team streamline workflow, minimize errors, and speed up the accounting process. The goal is to choose a system, like PaperTrl, that can automate workflow and get the buy-in you need for the transition to be successful.
See How PaperTrl Can Help with Paperless Accounts Payable
From procure to pay, PaperTrl automates the AP process, helping businesses of all sizes simplify and streamline review and approvals, reduce processing time and associated costs, and minimize the potential for human error.
PaperTrl is a fully integrated, cloud-based AP automation software solution that helps organizations simplify and streamline the entire AP process from purchasing to payments. Learn more about PaperTrl, get pricing information, and contact us for a free demo.