But even if you mail out a physical check on-time, there’s always the chance the mail could delay the delivery.Įlectronic payments don’t take days to deliver - they’re virtually instantaneous. To protect your vendor relationships you need to make timely payments. Worse, it can damage your relationship with your suppliers. Missing a payment or being a few days late can lead to fees. Since the software records the original purchase order, the applications always check the payment price against the agreed upon costs. Automated AP processes cut down on the potential for mistakes.īy reducing invoice processing mistakes, AP automation helps drive down cost from potential errors. It’s simply a matter of statistics, as the more manual tasks there are the more chances there are for small mistakes to add up. Even the most skilled accountant on your AP team can accidentally move a decimal place when calculating invoices. Traditional accounts payable processes increase the chances of human error. There are many incredible benefits to automating your payable processes: Reduce Payment Errors Track PO and non-PO payments with MediusFlow. General accounting: Balance your AP against your accounts receivable (AR) in a general ledger to ensure your company finances stay in order.Tax form documenting: Process W-2s, 1099 and other tax forms electronically.Account lookup: Keep digitized records of all transactions easily search record which accounts are on-time and which are outstanding by date, vendor, or other factors.Contact database management: Organize all your contact information for vendors, suppliers, distributors, customers, and employees.Recurring payments: Avoid late payments by sending out automated reminder notification when payment is due to vendors, suppliers, and distribution partners.Check-writing: Create and print individual or batch check runs for your business payments.Electronic payments: Streamline the payment process by using ACH or EFT formats coordinate your online accounting capabilities.Optical character recognition (OCR): Scan physical invoice documents into a digital system to maintain a standardized digital formatting.AP purchase order and invoice records: Generate and organize records for all your business transactions, starting with the original purchase order.Make batch payments online with AvidXchange.
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