Support Your Remote Workforce with Electronic Accounts Payable

In this post-COVID-19 ecosystem, organizations across the U.S. are finding immense value in accommodating remote and hybrid employees. Cloud-based systems have proven to be a beneficial tool for supporting business continuity and daily operations. For example, a cloud-based accounts payable system can help organizations to gain more control over the payables process, increase team productivity, reduce the use of paper checks, and better manage cash flow—no matter where team members are located. 

Efficiency with Electronic Accounts  

An electronic accounts payable system reduces both approval delays and the time to process bills. Users can easily enter, approve, and pay bills from anywhere without disruption. Managing the payables process only requires an internet connection and a web browser or phone app. Businesses reduce risk and obtain more control by doing away with shifting piles of documents and paper clutter. In an electronic environment, sensitive information is encrypted, automated, and protected from fraudulent activity and uncontrollable events, such as a disaster. Payments are quicker, more efficient, and involve less risk versus manual processes. 

Digital Workflows Save Time and Strengthen Communication 

Accounts payable automation greatly increases team productivity. Automation facilitates the digital routing of bills through approval workflows and notifies approvers of pending approval requests. In a remote environment, designated team members can sign off on transactions electronically, avoiding the use of a courier or additional physical coordination. Digital workflows strengthen communication with vendors and staff to help drive both collaboration and accountability. These advantages can free up time so that you can focus on growing your business. 

Moving Beyond Outdated Payment Methods 

Checks have been declining as a universal form of payment over the past two decades. Beyond being outdated and time-consuming, processing paper checks is a costly process for most businesses. While several costs factor into issuing a check (e.g., check stock, printer maintenance, postage), the biggest cost to an organization is the time it takes for an employee to process the check, including mailing and reconciliations. With the introduction of payment automation services, organizations can turn to more convenient and cost-efficient options for processing payments. Cloud-based accounts payable systems support alternative forms of vendor payments including Automated Clearing House (“ACH”), Electronic Funds Transfer (“EFT”), and Electronic Check (“eChecks”). These forms of payment provide significantly more transparency and efficiency to your bill paying process and can enhance the bottom line of the organization. 

Cash Flow is King 

During the normal course of business, organizations are faced with daily challenges. Many of these challenges are addressed through smart management of cash. Cash flow is the most vital process of an organization. It pays salaries, buys supplies, and makes investments in infrastructure. Organizations are turning to cloud-based accounts payable systems to gain better visibility into cash flow. Staying on top of outstanding bills can mean the difference between profit and loss for an organization. Moving accounts payable to the cloud can solve many challenges, including lost bills, double data entry, manual approvals, and missed due dates.  

Electronic accounts payable systems help businesses maintain normal operations via remote workflows. By refining and advancing your accounts payable approach, you’ll have greater flexibility, peace of mind, and control of your business.