Rose Report: Issue 45
3 Reasons Why Savvy Business Owners Automate Accounts Payable
By Ted Rose, CEO, Rose Financial Solutions
Many small- to mid-size business owners believe that their accounts payable (AP) processes are adequate and that they can’t afford to automate their bill payments. However, nothing could be further from the truth. The reality is that manual check processing is more time-consuming, expensive, and vulnerable to fraud than electronic payments processes. If your business is still writing checks, here are three reasons why you should consider automating your bill payment processes immediately.
1: Save Time and Money
As the old adage goes, “time is money.” Have you considered how much time you spend on bill pay processes? Whether it’s chasing down paperwork, reconciling accounts, or stressing about cash flow management, manual accounting processes may be hindering the growth of your business. Automated AP makes invoice approvals easier and faster, eliminates late payment penalties, improves cash flow management, and most importantly, it gives you back time so you can focus on growing your business.
2: Improves Accuracy
Technology has transformed accounting in ways that would have seemed unimaginable just a decade ago. However, there is one major stumbling block that still remains: human error. Manual computations and data entry from various departments can be a recipe for disaster. Misplaced commas or erroneous numbers happen, and they can be costly and harm your company’s reputation. By automating your accounts payable, your accounting system will recognize inconsistencies and alert you to issues before they become problems. Additionally, a system that incorporates Optical Character Recognition (OCR) removes the need for manual data entry, significantly increasing accuracy and saving valuable time.
3: Reduces Fraud Risk
According to the 2021 Association for Financial Professionals (AFP) Payments Fraud and Control Survey, in 2020, nearly 75% of respondents were targets of a payment fraud attack, with checks and wire transfers being the most impacted payment methods. Whether fraud is committed internally by employees or externally by entities attempting to get access to the company’s accounts payable systems, the cost to an organization is high.
Often, small- to mid-size companies do not implement adequate control structures that segregate duties by dispersing business functions to more than one person or department. This can often create blurred lines that open the door to the risk of fraud. A bill payment solution that integrates automated workflows will enforce protocols that ensure that only those with authorization can access, review, and approve payments.
Are you spending way too much time on accounts payable? Rose Financial Solutions can help!
Save over 50% of the time you spend on accounts payable with our comprehensive automated bill payment solutions.
- RFS has been a Bill.com Partner for 10+ years
- Cost-effective and scalable
- Includes our technology solution, Easby Powered by RFSWorkflow™ and Bill.com
- Easy integration with your bank and accounting software
- Simplifies related accounting activities, saving you time and money
- Allows your managers to approve bills electronically without giving them visibility into other departments info
- Multiple payment options—so you can securely pay domestic and international vendors how they want to be paid
- Provides encryption of data in motion and at rest consistent with leading industry practices
- Improves accuracy and timeliness with OCR and machine learning
- Match your bills to POs from your accounting software
- Keep your same process even if you change accounting software/ERP
- Onboarding and ongoing are fully supported
Let’s get started!
Ready to focus more of your time on what matters most to you and your business? Schedule an introductory meeting to learn more about how Bill.com + Easby™ = Bill Payment Made Easy!