Taking advantage of business automation technology doesn’t have to mean bringing in a crew of consultants and overhauling your company’s entire structure. Here are two relatively simple changes you can make in AP/AR, for positive changes in your whole organization, and even the world.
1. Get your head into the cloud.
The pulp and paper industry accounts for 4% of the world’s energy consumption. Switching to a cloud-based AP/AR system does more than just chip away at that statistic. It also brings you the benefits of real-time data viewing, and a vast reduction of clutter in your office.
Plus, the less you print, the less paper you have to purchase, store and secure.
The Paperless Project, a coalition focused on transforming the way companies work in order to reduce waste, reports that 45% of the paper that feeds through office printers ends up in the trash by the end of that day. This adds up to more than a trillion tossed-out pages a year. Save some of that, and you help save the environment, while helping to sustain your relationships with clients and suppliers. With all your AP and AR department records organized and readily accessible online, it’s easy to resolve discrepancies between POs and invoices, track incoming and outgoing funds, and make intelligent decisions.
2. Automated payment makes you look better on paper.
If you’re still resisting instituting an e-payment system, you’re not alone. According to the 2016 Electronic Payments Survey, use of paper checks actually went up in 2016, once again becoming the most common form of payment. This, despite the fact that manual and paper-based processes sabotage your organization’s efficiency, accountability, and accuracy. A simple switch to electronic payments buys you a more accurate, better organized system, for quicker, easier transactions, invoice tracking and record keeping. It saves your team time to focus on other things. It can make payment schedules more advantageous for you, giving you more flexibility and control over your cash. And it keeps billions of paper invoices out of the environment every year.
Pay it forward.
By making relatively small changes— moving business functions to the cloud, and sending payments and invoices electronically—you can position your organization for success in the digital era, while taking your share of responsibility for the ongoing success of the planet.