Hiring Isn’t Always the Solution: Streamline Your Payables Process
Are you considering hiring additional staff to keep up with the number of invoices your business receives? Is your current process quite time-consuming? If so, you may consider automating your processes to keep up with your business’s growth.
Labor shortages have become the new normal. As customer demand increases, so has the competition for skilled workers. The current state of the market has made it increasingly difficult to hire and retain employees, a trend that is likely to continue for the foreseeable future.
The business world has essentially bypassed the recovery phase where employers have a large selection of talent to hire from. According to Glassdoor, there are only 0.74 unemployed Americans for each job opening, as of September 2021. This statistic is far below numbers from previous recessions.
Given the current hiring challenges facing many business owners, training and paying additional staff members to continue a potentially inefficient invoice process is not an ideal solution. An inefficient payables process can lead to unnecessary expenses and losses that affect your company's bottom line.
Utilizing your existing accounting/ERP system*, you can enhance and automate your accounts payable (AP) processes with Enterprise Automated Payables℠ (EAP), an invoice to payment automation platform. With EAP, you'll get an affordable, integrated and secure end-to-end solution that streamlines your process, and gives you greater control over your workflows and cash management capabilities.
While you continue using your existing ERP system, your processing costs could decrease typically by more than 60%. By eliminating manual entry and check issuance, you can improve efficiency and process more invoices with the same number of people on staff.
Elimination of paper checks and the option to allow financial directors to sign checks and documents electronically can help mitigate your risk against fraud as you scale your business.
The EAP platform offers direct payments to the vendor with no use of intermediary payment accounts. The average break-even point for investment is around six months, which means a quick return on an investment that will continue to give back to your company through streamlined processes and saved time.
EAP can alleviate tasks from your staff so they can concentrate on more critical business matters. By automating your payables, you can grow your business without the need to grow your Accounts Payable team.
For more reasons why your business should consider EAP, read Reap the Many Rewards of Automating Your Payables.
Operating a business can bring on a variety of priorities, an efficient payables process can allow owners to invest their hard-earned time and money into what matters most.
To discover how you could be saving with EAP, take advantage of our ROI calculator and request a product demo from our Treasury Management team.
* EAP currently integrates with Intacct®, Xero, Microsoft Dynamics® GP, NetSuite® including OneWorld, QuickBooks® and Sage 100.