![]() ![]() Be sure to look at cost, time involved for implementation, and whether the supplier will be compatible with your existing systems. The next step is to shop around to find the best paperless accounts payable automation software. It’s important to establish a framework before you bring the new system. For example, you might want to store invoices in a digital format but make paper-based payments to vendors. While some businesses may be ready for full automation, others will prefer to take a hybrid approach. Perform an audit of your current accounts payable processes and workflows. Step 2: Determine how the new workflow will work. In the case of paperless AP automation, the IT team will need to be sure that this new system will be secure and compatible with existing systems. This should include workers at the executive level as well as everyone who will be dealing with the day-to-day handling of accounts payable. When making a big change to your business processes, you need to make sure you have every team member on board. Step 1: Get the accounts payable team on board. If you’re looking for ways to cut down on your paper trail, whether to save money or to make your business more sustainable, here’s how to get started. And of course, eliminating paper from your business is eco-friendly as well. With cloud-based storage, you don’t have to worry about payment receipts and invoices going missing. ![]() In addition to saving time and money, paperless vendor payments ensure easy accessibility in digital file format. Physically storing paper files contributes to the overall cost of manual payment processing, another fee that can be slashed with automation. Paperless payment processing cuts down on processing costs by minimizing the time spent manually handling each invoice. The average goes up to as much as $30 per invoice for cross-border transactions, according to a Sterling Commerce report. The benefits of paperless payment processingĪccording to an APQC study, manually processed invoices cost an average of $12.44 each. Here’s how to make accounts payable paperless, in a few easy steps. However, as with any new technology it’s best to work in stages as you make the transition from a paper-based payables process to a fully digital one. An increasing percentage of businesses are now choosing to go paperless, using an automated workflow to streamline the payment process. The traditional accounts payable process involves multiple steps and a great deal of waiting around for processing.
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