Accounts payable is an integral part of the way organizations operate. While recognized as a support in maintaining profitability, accounts payable has historically been done through manual processes. Why though? It’s inefficient, prone to error, and can be expensive. Switching to EZ Cloud AP automation is the best way to streamline this process.
Some best practices for introducing accounts payable automation for your team include:
- Simplify the Workflow
The point of introducing automated technologies into your organization is to simplify a complicated, tedious process. In streamlining the process, your employees will have a more streamlined method of accomplishing tasks, and the process will become faster and more straightforward than ever before. When processes are automated, employees are able to rely on the efficiency and efficacy of EZ Cloud while focusing on other more pressing tasks.
- Utilize Reporting
An added benefit to EZ Cloud AP automation is that the process can be digitally tracked, which will offer insight into data and reporting hadn’t been previously available. Utilizing reporting and transparency are helpful for predicting growth trajectory, following the organization over time, and provides visibility into the process.
- Take Advantage of Early Payment Discounts
It is essential to look at the organization more closely by updating to an automated system and deciding where else there may be room for improvement. Accounts payable automation will offer better strategies for cash management, including early pay discounts.
- Track the Entire Invoice Journey
Tracking your business through the EZ Cloud dashboard will enable you to keep track of the entire journey of invoices digitally. By integrating with EZ Cloud, accounts payable teams can keep records of transactions, payments, supplier relationships, invoices, approvals, payments, etc.