But if your approval processes revolve around email and paperwork, they’ll always be prone to delays. What happens when the vice president who needs to sign off on a very time-sensitive purchase is traveling in the Far East and has only sporadic email access? Or what happens when you print an invoice and leave it on the desk of a manager, only to find out she’s out indefinitely with a family emergency?
Accounts payable automation helps prevent these situations by moving the whole process online. Your accounts payable system can not only track all the money you owe but also approve some payments automatically while routing others through a consistent, online approval process. You can designate payment accounts and select payment methods right in the system.
Extend the Acumatica functionality with the pre-built and integrated software solutions in the list below.
How to Save Money with Accounts Payable Automation
Accounts payable automation isn’t just about keeping track of money owed and preventing delays. It’s also about saving money by making payments in ways that align with your company’s cash flow.
Any growing business must manage its cash flow carefully. Even when business is booming, you may find that your account balances are relatively low due to an unusually large number of outstanding invoices. But even as you wait for customers to pay you, your vendors will still expect you to pay them according to the timeframe you’ve agreed upon. That’s where your accounts payable system can help.
With accounts payable automation, you can align your payments with your cash flows, minimizing the chance that you’ll leave your company financially vulnerable after making a large payment. By letting your system keep track of the best time to pay, you can make sure that your cash flow—both in and out—works in your favor. In the process, you’ll avoid late fees with your vendors while also maximizing your ability to take advantage of discounts.
Can Your Accounts Payable System See the Future?
Here’s a benefit of accounts payable automation that many companies overlook: your accounts payable system can actually help you predict your future cash requirements. By logging onto a financial dashboard that puts drill-down reports at your fingertips, you can use your company’s cash flow history to project how much cash you’ll need to get through the weeks and months ahead.