Catch up with articles about AP Automation, Big Data and more that we shared last week.
Vendor Relations 101: Streamline Your AP Processing and Gain a Competitive Edge
Our most recent blog post discussed the benefits your business can experience by automating your AP processes. Depending on paper-based processes when dealing with invoices leads to low productivity numbers and drives up costs. Implementing AP Automation software gives businesses an advantage over their competitors who use a slower, less efficient process.
“While improving the time it takes to manage your AP process, you not only free up your staff to work on more pressing items, you also eliminate the errors that can come from manual processing – including lost invoices, paying invoices twice, or incurring late payment penalties. You can vastly reduce the time and expense it takes to process a manual invoice.”
How to Make Accounting and CRM Systems Play Nice
Customer Relationship Management (CRM) software is not always accurate. While this could be easily solved if the incorrect information used from this system was self-contained, this can cause a domino effect, starting with your accounting software. AP Automation is a useful tool, but when information is incorrectly entered by the CRM system, the time and money that would typically be saved ends up being wasted.
“Accounting systems typically contain high-quality data, and it’s essential that all the rollups “foot.” Users are detail-oriented and don’t mind process, conformance checks or even audits. They take pride in precision…Meanwhile, CRM systems typically contain pretty sketchy data, once you get beyond the name and basic contact information. The sketchiness comes both from erroneous entries or simply blank fields. Most of the time, low-level users don’t care and have few incentives to improve the quality.”