Accounts Payable are just like the gears inside a clock. When they’re turning easily, the whole lot works, invoices receives a commission, and the group hums alongside. But when a kind of gears stops unexpectedly—due to a sick day or the test printer goes down—the whole lot involves a screeching halt.
For lean accounting groups, this may be particularly difficult, as every member is vital to sustaining the stream of operations. That is the place AP automation could make a big impression.
The Worth of AP Clerks and Bookkeepers
Your accounting staff has organizational data and relationships that may by no means get replaced by an automatic workflow, regardless of how subtle. AP clerks and bookkeepers play an important position in making certain the accuracy and timeliness of monetary transactions. They deal with vendor relations, guarantee compliance, and handle the nuances of every fee. Nevertheless, the repetitive and time-consuming duties typically related to AP processes can restrict their skill to deal with extra strategic work.
Advantages of AP Automation for Lean Accounting Groups
AP automation can streamline your processes—like updating vendor data and submitting EFT information—and can help you offload among the extra tedious elements of the accounting course of. Think about with the ability to get to these essential however not pressing duties, like digging into fee tendencies or researching vendor reductions, with out sacrificing your lunch break or weekends.
Listed here are 4 methods automation can enhance your AP processes, assist forestall accounting employees burnout, and save your staff time.
1. Meet Fee Deadlines Simply
Assembly fee deadlines is essential for sustaining good vendor relationships and avoiding late charges. With AP automation, distributors receives a commission on time even when there may be an sudden sick day or an pressing request from management. Automated techniques be certain that funds are processed promptly, with out the necessity for guide intervention. This implies no managing test inventory or having to re-print checks due to alignment points, and no monitoring down signatures.
AP automation additionally helps reduce the risk of human error in information entry and calculations, making certain funds are all the time correct and on time. Automation coupled with invaluable human oversight lets you establish and tackle any anomalies or exceptions, sustaining a harmonious stability between know-how and human experience.
2. Fewer Final-Minute Scrambles to Monitor Down Vendor Account Updates
One of many widespread challenges in AP processes is preserving vendor info updated. Companies change addresses, replace financial institution accounts, and alter phrases, and their notifications might not break by way of the noise. Automated techniques can test why a fee didn’t undergo and replace vendor tackle and account info if there are modifications. This reduces the necessity for the last-minute frustration of monitoring down vendor account updates to keep away from late charges and making certain that funds are all the time despatched to the right recipients.
Correct vendor info not solely ensures well timed funds but additionally strengthens belief between your group and its distributors. When distributors know that their funds can be processed rapidly and precisely, it fosters a way of confidence and partnership. This optimistic relationship can result in higher phrases and reductions, finally benefiting each events.
3. Added Layer of Separation
Separation of duties is a key element of internal controls, however it may be troublesome to keep up with small finance groups. Utilizing automated funds provides a layer of inner controls as a result of funds are processed robotically with much less human enter as soon as they’ve been permitted. Invoices nonetheless undergo customary approval processes, however you don’t have to fret about the identical particular person approving an bill who additionally prints the test. This added layer of separation helps forestall fraud and errors.
These inner controls additionally create a transparent audit path. The ensuing transparency ensures that every one stakeholders, from senior administration to exterior auditors, believe within the accuracy and integrity of the monetary processes. With clear and dependable inner controls, your group can construct a basis of belief and accountability.
4. Simpler Onboarding Throughout Workers Turnover
Workers turnover could be significantly disruptive for lean accounting groups. AP automation simplifies the onboarding course of for brand new employees members, as a result of there are fewer steps to study, and processes are clearly documented. Automated techniques be certain that new staff members can rapidly rise up to hurry and begin contributing to the staff’s efforts with out in depth coaching.
This effectivity not solely saves time however also can enhance total worker morale, lowering turnover. Your staff can clearly see how their work is driving the mission of your group, as an alternative of being mired in a collection of particular person duties.
AP Automation Native to Blackbaud Monetary Edge NXT®
Automated funds can’t take the place of a educated AP Clerk or bookkeeper, however they will streamline your processes so you may deal with extra strategic work—and be capable of take an precise lunch break. By automating repetitive and time-consuming duties, AP automation helps lean accounting groups meet fee deadlines, cut back last-minute scrambles, keep inner controls, and simplify onboarding throughout employees turnover.
In case your lean accounting employees is able to reclaim their time to allow them to deal with extra strategic work, try Fee Assistant™ from Blackbaud. Fee Assistant is automated accounts payable straight in Monetary Edge NXT, with the identical expertise you utilize for the remainder of your fund accounting. Study extra about Fee Assistant on the automated payments resource page.
