Before many businesses adopted accounts payable automation, their workers invested thousands of man hours that could have been used for other tasks. Sometimes, the load of paperwork created delays in responding to invoices. As a result, companies lost thousands of dollars in late payments, interest and other associated fees. Automating this process has given the world of daily operations many benefits.
As much as human beings would like to believe they are as error-free as computers, they must eventually admit that they are not. Invoicing is tedious and it gives way to mistakes. A single person handling this job function in an office will likely be overwhelmed after hours of looking at numbers. In business, errors can be costly, especially if there is no invoice review process in place to audit the books. It could take auditors days or weeks to find a single small error. Some businesses choose to just take the loss rather than invest this kind of time hunting for the mistake. An automated process removes the need for this kind of search. Computerized systems are designed to catch the error at the moment it is made.
There also may be reasons a company needs to have information about outstanding invoices quickly. If there is an opportunity for a strategic partnership, interested investors may need to know the debt-to-income ratio for the business before coming on board. A business may also be considering new acquisitions and weigh how much available cash is on hand to make the purchase. The process moves much smoother if the information is at a business owner’s fingertips.
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