Hate paperwork? Cash flow automation can help.
You probably went into business to pursue a good idea – not push paper. And yet, you may find that you and your staff are still shuffling paper invoices and checks. If so, you’re not alone – 84 percent of small businesses still use manual processes to track payments.
If you have a cash flow automation tool, or have heard a sales pitch for one, you know about the financial benefits of cash flow automation. But did you know cash flow automation can help with other administrative headaches as well? It turns out by automating the cash flow process, you can save time, streamline your process and get rid of some of the following headaches along the way.
Organizing and storing bills.
Put simply, automating your cash flow means converting paper bills into digital files and managing the payments process online. As a result, all those paper invoices and checks are stored digitally, so you no longer need to keep track of and store hard copies. Just imagine – without stacks of paper lying around, you’d be able to see the photos of your family on your desk.
Chasing down approvals.
If you’re the business owner or the accounts payable manager, approvals are likely a pain. Either you need to stick close to the office, so you can provide approval, or you’re trying to track down approval before the bill due date. Once you automate, the approval process goes digital as well, and approval can be requested and given online.
Tracking down information.
Through automation, your business’s payment history can be at your fingertips. It’s like all the filing cabinets in your office become one large, virtual filing cabinet online. If you have a question about a past account, you don’t have to root around to find the related invoice or payment; you could pull up the digital record in your automation portal to get the information you need.
Keeping records updated.
Does someone manually enter payment information into the business’s reports and into your accounting system? Called dual data entry, that system can cause error and take a lot of time. An automation platform should be able to sync with your accounting system so that payment information is automatically entered in the appropriate places.
Your time is precious, and every minute you can get back is valuable. By automating your payments, you can save time, streamline your process and even seize some financial benefits. To learn more about cash flow automation, visit our website or contact a payment specialist.