Top Reasons to Automate Your Accounts Payable in 2016
The New Year is right around the corner. In order to stay ahead of the game, it’s time to consider your business processes for 2016. Below we shared the top eight reasons you should automate your accounts payable (AP) process this year.
- Support strategic decisions. A study by APQC found that nearly half (49 percent) of a financial manager’s work is spent on transaction processing. If finance executives want their teams to focus on corporate strategy, the evolving customer base, and analyzing the risks inherent to growth, less time must be spent on simply paying vendors.
- Painless installation. Automating your AP involves three simple steps with minimal disruption to your current process: a project planning call, implementation call and role-based training. That’s it! Don’t worry, we’ll check-in periodically to see how you’re doing and if you’d like any additional training.
- Automatic sync. There’s no need for dual data entry. Payments are automatically recorded in real-time and synced with your accounting system using MineralTree’s 2-way synchronization capabilities.
- Greater security. Did you know businesses are liable for unauthorized online fund transfers? Automated AP not only provides more transparency into your payments processes, but many solutions offer protection from online fraud. 2-factor authentication, 2-factor payment verification and segmentation of duties for better control of your cash flow and protection from online fraud. SilverGuard from MineralTree provides fraud loss protection up to $100,000 per year.
- Multi-entity support. MineralTree supports multi-entity set-ups by allowing customers to either sync individual entities to individual MineralTree “companies” or sync all of them to one MineralTree company via the root entity.
- No settlement accounts. Checks are mailed directly to your vendors using your bank account, digital signature and account number. A recent MineralTree survey found that current payment methods are causing nearly a quarter (24 percent) of organizations to experiences cash flow problems because of unclear settlement windows.
- Constant accessibility. MineralTree has the flexibility to route invoices for approval based on vendor and the ability to follow existing workflows or create new processes so you can approve invoices at any time from any device.
- Electronic document storage. Streamline your document management system by getting rid of physical documents and replacing them with an automated electronic process. Vendor invoices and check payment images are stored electronically for easy searchability, eliminating time spent hunting through paper documents.
The time financial professionals spend on paying vendors can be reduced to 10 percent by automating AP. Make the change in 2016 and schedule a demo online today.
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