The last couple of months have been a lot of things, but boring is not one of them. In just eight weeks the way we think about work, the economy, and success has changed forever. Traditional office settings and the classic nine to five workday are losing popularity in favor of remote work and flexible hours. And that’s not all. The way businesses manage their finances will be forever changed too.
About 90 percent of global businesses today still use manual, paper-based systems to manage their finances. However, the sudden influx of employees working outside the office is only exacerbating the pitfalls inherent in manual processes. For example, manual systems require a substantial amount of paperwork and keying in of data. But what if only a few employees have access to the tools needed to manage finances? It’s extremely difficult, if not downright impossible, to keep the workflow running when the majority of the company cannot access the tools they need. Even when the workforce is operating under the same roof, there is no guarantee that the process will go smoothly. Documents can get easily get lost or forgotten, or keyed in incorrectly, grinding the workflow to a halt. Not to mention all the money spent on ink, postage, paper, and checks. Paper-based systems are simply too vulnerable to too many variables to be an effective method of financial management.
Thankfully, there’s a solution – one that doesn’t require paper, ink, postage, checks or manual data entry. Accounts payable automation boasts a multitude of advantages when compared with paper systems, including:
• Improved profit margins.
• More rebate opportunities.
• Reduction of payment costs.
• Paperless.
• Greater insight into spending data and financial decisions.
• Elimination of fraud and human error.
As the old saying goes, the only constant in life is change. The business world is always changing, and it is now more important than ever to reach for the stars.
To learn more about the benefits of accounts payable automation, visit us at https://www.expenseanywhere.com/ or call us at 412-858-1111.
