Which department in your office took the longest to get back on its feet during a sudden lockdown? 8 out of 10 companies answered that it was the accounting department.
Because under perfectly normal conditions, businesses overlooked the need to automate accounts payable and accounts receivable management. The simple tasks of tracking invoices and following up on payments were time-consuming, but no one saw the need to eliminate the manual effort or revolutionize the process. Because the procedures were happening, and no one cared. But when regular processing was interrupted, the harsh reality resurfaced.
Let's understand now,
How COVID19 brought about the need to automate accounts receivable and accounts payable.
1. Disruption of normal accounting processes with lock-in.
Offices that manage their accounts receivable and accounts payable on paper face significant obstacles. Simple activities such as approving an invoice required teams to be on site. Printing and then sending invoices required the constant presence of office staff and support personnel. Many stalled organizations had to close their accounting departments completely and disrupt their entire cash flow.
On the other hand, a handful of agencies voluntarily opted for automation long ago via accounts receivable management software solutions. They create their invoices in online invoice generators and track payments in the same dashboard while sitting quietly at home.
Many people learned a valuable lesson due to this, and companies began to implement automated accounts receivable and payable applications.
This helped them get their business back on track. Now invoices are created online and sent to customers by post, payments are received through online payment gateways, and soon everything comes together.
2. online invoicing technology is a savior for professionals
Online invoicing software makes managing accounts receivable and accounts payable very convenient. The e-invoice generator allows teams to continue collaborating at the same pace, even if they are geographically dispersed.
Online Accounts Payable and Accounts Receivable will enable you to collaborate with customers and suppliers simultaneously. You can manage accounts payable with incoming invoices and create accounts receivable in the same dashboard by creating invoices with this online invoice generator.
3. Partially automated processes add pressure.
Some accounts payable departments experienced an adrenaline rush when switching to fully automated online invoicing software, as they faced an additional workload. The constant task of transferring all minor and significant data to paper was added to the daily activities. Many factors contributed to making the lessons more difficult for the employees, such as working alone, virtual login, data transfer, collaboration, and task management.
On the other hand, the fully automated online AR & AP departments functioned as before, with no additional workload. But smoother collaboration, better coordination, and unaffected partnerships.
4. Workflow automation makes employees more productive
Fully automated online invoicing software can streamline the entire workflow. It relieves accounting staff of most repetitive tasks, such as creating invoices using an online invoice generator. It allows them to spend more time reviewing the company's cash flow activities to identify gaps.
Online invoice generation software controls all business processes and prevents the possibility of fraud, even when employees are working remotely. None of your activities can leave the system, and the data is completely secure within the software.
5. You don't want to be the victim of the next crisis.
One mistake is forgivable, but repeated mistakes are called bad behavior or negligence. You have long neglected the demands of technology, and this pandemic is a reality check. I'm sure you don't want history to repeat itself because an astute businessman never repeats his mistakes.
Investing in automated accounts receivable and payable software can free you from all the manual processes, save you time and energy, require fewer employees, fully secure the data, and offer many other benefits such as detailed reports for every business activity.
As the environment around us changes and businesses become more adaptable, there is less chance of offices returning to normal operations any time soon. For a long time to come, services and organizations will operate remotely.
These results from studies showing that WFH is 68% more productive, costs less, and offers many additional benefits to companies, saving them significant amounts of money.
AI has proven to be the need of the hour and man's best friend when used to its full potential. It's time for you to automate your most important department - accounting - with automated accounts payable and accounts receivable of