Although seasonal businesses may be prepared for a high influx of purchases this holiday season, without efficient AP processes they may be missing valuable opportunities to save. Once the Thanksgiving table is cleared, thoughts quickly turn to Black Friday shopping—the annual kickoff event of the holiday season! As a company, now is the time to review your internal processes and determine how your business can capitalize on opportunities to reduce cost and improve cash flow both this year—and next.
Invest in the future with AP Automation. As we enter the busy holiday season utilizing existing AP business practices can really put a drain on your company. Don’t spend unnecessary time looking for paper invoices. By investing in your company’s AP process and investing in effective AP automation software you will save your company time and money by implementing a more organized, efficient system.
Reap the rewards. Your business will manage the procure-to-payment process quicker and more effectively. Eliminate late payment fees and take advantage of early payment discounts. Many companies offer discounts of up to 2% for making a payment within a certain window before the bill is due—usually up to 10 days.1
Maximize your resources. Utilizing AP automation software can significantly shorten invoice processing time, saving you time and resources—giving you more time to wrap up a year-end project. Automating your AP process allows you to capture, process and route AP invoices in a secure manner and move invoices through the system with real-time approvals. Automation is the key to keeping all stakeholders up to date and informed every step of the way. Additionally, your team will be in a position to consistently earn pre-payment discounts, thereby avoiding any late payment penalties. Forging a symbiotic relationship with vendors and stakeholders alike will help your team kick of the New Year on sound footing.
De-clutter this New Year. It’s time to get rid of all those invoices piling up around the office and start automating your AP process. Automating the receipt, approval and payment process can be easily integrated with your accounting software solution. Streamlining the entire payment process allows businesses to manage the lifecycle of an invoice, from receipt of the invoice through approvals to ensuring the payment is processed quickly and accurately—resulting in fewer errors.
Stretch your budget. Before you close out your books this year, be sure to utilize any existing budget surplus or take advantage of Section 179 of the IRS tax code—an opportunity to write off your software purchase.
Get a start on your New Year’s resolution and invest in AP automation software. Early pay discounts, greater employee and process efficiency and stronger AP processes ensure that you’ll be wrapping up this year from a place of confidence.
Happy Holidays from all of us at DocStar!
1AP Monthly. (2008, November). The Importance of AP in Managing Cash Flow [e-newsletter]. Retrieved from http://www.theaccountspayablenetwork.com/html/library/newsletters/apmonthly_1108.pdf.
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