Are you sick of receiving demanding phone calls from unpaid creditors? Or asking colleagues to check drawers or desks for unpaid invoices? Perhaps you’d like your accounts payable staff to support you with strategic projects, rather than processing a mountain of invoices each month?
Here are the Top 5 reasons CFO’s should consider implementing an automated accounts payable process.
- You will save time
Are you tired of tracking down unpaid invoices? That exasperated feeling of having to stop important work to physically walk around the office and track down an invoice?
For many businesses the approval process is the longest and most inefficient part of any accounts payable process, mainly due to the fact that paper-based invoices have to be reviewed, matched to a purchase order, coded and approved. Delays occur due to lost documents, employee absences or authorised staff simply forgetting to approve and process invoices.
Moving from a manual to automated approval process enables you to automatically route invoices to the right manager with automated notifications, reminders and predetermined work tasks and deadlines.
This process will save you time, save you hassle … and lower your blood pressure!
- You will improve your cash flow
Any good CFO will have a good grasp on cash flow and an understanding of where the business is at in terms of accounts payable and receivable. But would you like to know your current position in real time?
An automated accounts payable system enables invoice visibility during any stage of the process, eliminating the opportunity for invoices to sit on someone’s desk for weeks on end, before making it your accounts department.
Improved transparency also reduces risk of fraud, as there is a detailed audit of who has done what with an invoice throughout the process. In manual processes, there is not the checks and balances to ensure an employee doesn’t raise a dummy invoice and pay themselves.
- You will minimize human errors
Xero, MYOB and Reckon have decreased the manual workload for accounts. An integrated and automated accounts payable system takes accounting to another level, offering improved levels of convenience, reporting and efficiency.
Manually entering invoice information into a financial accounting system is time consuming and can lead to human error or mistakes. This may result in a business paying too much or not enough, paying the wrong supplier, wrong coding of invoices etc.
- You can throw out those filing cabinets
Would you like to eliminate paper cuts, save time ruffling through folders and turn your document storage room into a chill out zone?
With a manual system there is a greater risk for document loss, damage or misfiling, with documents needing to be physically moved from one stage to the next.
Autofile enables you to embrace electronic workflows, electronic document filing and archiving.
- You can choose your level of automation
At Colourworks we recognise that some businesses wish to automate their entire accounts payable process from recognition to payment, with no human interaction. Other businesses like to automate the internal approval processes.
Who are we?
Colourworks Australia has been providing leading business technology services for over 30 years. Through our product Autofile we provide businesses of all sizes, in all industries with a complete business technology service in automating your ‘Purchase to Pay’ process. And as integration partners with MYOB, Reckon and Xero, you can be assured of a seamless improvement in your accounts payable productivity.