There is so much that can be accomplished through the use of software in the business world and outside of it too. One of the reasons why software continues to be adopted by new users is its automation capabilities. Among the tasks that can be automated is your accounts payable duties. It offers several benefits and sets up the ability to redirect resources to more profitable areas.
Here is a complete checklist for accounts payable automation.
Pick the Software
When the search for the perfect software that can handle the accounts payable duties of the office begins, you are going to find that there are several versions on the market. Since there is still innovation occurring, the varieties are still increasing. Well-known brands also release a new version every year that incorporates new laws impacting how business is conducted as well as improved features. Thanks to user feedback. The best approach to take is to purchase the version for your company based on overall ratings and relevant industry reviews. If the company consists of a competent IT team, ask them to research and put together a list of the top three software they believe will get the job done.
Install the Software
Most of the time, the installation process is straightforward. In case there is a glitch or information does not sync up correctly, be ready to address the error messages by jotting them down. Usually, the prompts simply have to be followed, and the relevant information should be entered as requested. Developers design software for companies of all sizes. They understand that startups are among their clients, too. A smaller business is not likely to have in-house IT staff, so the program will most likely be installed by employees who have some technical knowledge. The installation, therefore, has to be user-friendly. The process could take a day because permissions must be granted, and lots of syncing is going to occur.
Become Acquainted with the Program and its Features
To maximize the features of any software program, users must become acquainted with the features. Those who are well-versed in the area of accounts payable and have some experience with relevant programs should possess a more favorable learning curve. It is still a good idea to set aside at least a few hours to get to know the newly-installed program. The right comfort level goes a long way to improving efficiency.
Train the Staff
Anyone else who will be using the accounts payable software should become familiar with the program too. Setting aside some time for a couple of sessions so that everyone is comfortable is worthwhile. The goal is to prevent human errors. While programs have built-in checks and balances, all users should reach a point where they are comfortable completing their tasks in this new manner.
Set it Up
The point of software is to reduce the amount of time spent on low-level, repetitive tasks. Plus, the philosophy is that if tasks are automated, it reduces the possibility of human error by an almost perfect percentage. When it comes to accounts payable automation quickbooks, there are several items that need to be set up, including automatic payment scheduling, duplicate invoice detection, and auto purchase order matching. Every program operates a little differently from another, so be mindful of how your chosen version is set up.
Automation Through Syncing
One of the easiest ways to set up the automation for your accounts payable is by installing a program that allows you to sync from the place where your current information is stored to the software you have installed. Items that are usually synced include the vendor list and the GL accounts. Thereafter, the ability to add custom fields is offered. Item, project, and class are three examples of custom fields. Then, syncing bills follows like payment information and the relevant bills.
What are the Benefits?
Automating low-level and repetitive tasks offers several benefits, including reducing the risk of human error, as already mentioned. Decreasing the amount of paper used, AP fraud prevention, and control are others. The ability to compile reports based on desired fields happens in minutes as opposed to hours or days. Auditing activity based on a given time frame also doesn’t take longer than a few minutes. Notes can easily be added at the top of invoices. These notes can be tracked, reported, and are audit-ready. Most of all, those notes become actionable.
Once the accounts payable department becomes comfortable with the automation software, there is going to be an appreciation for the freedom it provides. The program becomes a centralized hub that promotes collaboration. The life cycle of a vendor’s bills suddenly becomes more manageable.
Automation software is a great way to free your IT department and allow them to conquer other feats as well as other staff.