Business Process Automation for Your Accounts Department
Process automation was always something that was equated with physical production, the reduction of manual labour in favour of machinery, right?
Process automation has advanced from what we considered it to be traditionally, to what it is today – a means by which any business can take the manual processes of any business function, team or individual and create much more efficient automated workflows thanks to software designed to do just that.
Despite the introduction of accountancy software packages, not all create a full circle automation process for your organisation meaning there is still the need for manual processes at certain junctions. Furthermore, your finance department is a key function within in your organisation that interacts and works with every other element of your business in one way or another.
There is no greater need for business process automation than when two departments meet – where their workflow or their need for a workflow is interrupted.
Process Automation for Accounts Payable and Receivable
Accounts payable is notorious for the nature of its repetitive, paper-based manual data entry, time-consuming search and retrieval process, delays, or mismanagement in payment processing and that is in conjunction with the constant influx of invoices, POs, and other AP related paperwork.
However, with the introduction of a business process automation tool for AP, you can turn all these manual processes on their head in favour of a failsafe, efficient and secure workflow process that will not only drastically reduce the time previously taken to action manual tasks but will also keep track of approval status.
Bottlenecks are identified early which reduces invoice processing delays thanks to the built-in reporting tools. Business process automation also allows you to create links between your accounts department (AP and AR) and any other department depending on the need of your business, thus removing any delay or encumbrances.
If you are working in accounts payable or managing an accounts payable team, you understand exactly what we are talking about.
Imagine swapping all of that out for a system that delivered the ability to:
- Effortlessly process requisitions
- Streamline approval routing
- Generate purchase orders
- Integrate with your existing financial systems
- Maintain security and ensure compliance required of your industry or sector
- Automate the process of AP/GL coding
- Instantly perform a three-way match
- Improve indexing with OCR enabled scanning
Cash flow is the beating heart of any organisation and that is why business process automation is also vital to ease of flow in your accounts receivable department. Automation of your AR management system will maximise the efficiency and accuracy of the accounts receivable data of your business, which is critical to the well-being of your operation.
The accurate visibility of your cash flow because of business process automation means that you can drastically:
- Improve collections management
- Easily track early and late payments
- Create automated remittance processing
- Reduce your Days Sales Outstanding (DSO)
- Encourage customer self-service with web form payment options
Bizquip work with a range of software vendors and automation tools to ensure we tailor the right solution for your business. We add value to your organisation through automation, whether that is one simple process that needs fine tuning, or a whole range of processes and bottlenecks that need solving. Starting with a simple invoice process can create great returns to for your business.
Our in-house development team can accurately map out your specific process automation requirements and ensure that the glove fits.
To learn more about process automation and to understand the considerable benefits and savings it will offer your business, please speak to our team today