Time to get your invoice process out of the ‘80’s and into 21st century automation while increasing efficiency.
Outdated invoice processes are causing businesses to spend increased time invoicing than they would with an automated solution.
Vigilance against inefficiency is even more critical for small to medium-sized businesses because margins for error can be thin and small but can drain on revenue. So how can you run a tighter ship? Here are seven steps to take:
Automate wherever possible.
XMi is in the business of helping entrepreneurs grow and succeed. Automating travel, expense and invoice management is always important. Spreadsheet-based expense reporting may be costing you. This is more easily recognized have streamlined and a process is in place. Streamlining these tasks can free up space for customer relations and marketing, giving you more time to focus on the growth of your business.
1. Save by outsourcing.
Small and medium business owners are used to “doing it all,” but it can be a false economy. For example, it may be more cost-effective to outsource network and IT tasks to a managed service provider and free your security specialists to work on revenue-generating initiatives. This is particularly true if the company’s revenue is dependent on an underlying product or software system.
Equip your employees with the tools they need to collaborate with each other, customers, vendors, and partners. Capabilities such as interactive calendaring, videoconferencing, and document sharing help to keep everyone on the same page and bring out their best.
Identifying other opportunities to increase efficiency in your company can be as simple as asking, “Is there a better way to do this?” With the robust competition to provide affordable productivity tools for the growing Small and medium business market, chances are excellent that there is.
3. Better Visibility
You shouldn’t need to use the Zoltar machine to gain visibility into your accounts payable. Many financial decision makers don’t feel they have the full-picture of visibility to their invoicing and office expenses. Outsourcing an automated solution can give you a resource for creating reports with detailed expense and invoice data in formats that are easy to read and analyze.
4. Reduced Costs
Because manual, paper-based processes are driving up business labor costs, many organizations spend significantly more on invoice processing than they would with more efficient and streamlined solutions. Businesses are unknowingly throwing away a lot of money on manual accounts payable steps and employees needed to support.
5. Less Paperwork
Physical filing cabinets take up tons of unnecessary space and are often not well organized, making it difficult to find invoices from years past. Plus, having digitized versions of invoices helps keep them secure and readily-accessible. Physical documents are subject to loss, fire, flood and theft, so it’s important to have a backup. Outsourcing this solution takes the hassle of document retention away and allows you to redirect that time elsewhere.
6. Increased Productivity
Office employees spend hours filling out forms, paying bills and manually processing invoice paperwork. With outsourcing an automated solution, employees and financial decision makers will save time that can be used to focus on more important and strategic endeavors, rather than printing out invoices, getting approvals and sifting through invoice data.
As long as accounts payable remains manual, which often requires you to have internal staff, it won’t operate with the speed and flexibility that modern business operations desire today. Mobile and cloud-based solutions cater to all workers when it comes to allowing invoice processing and approvals through technology like tablets and smartphones and also having the ability to work remotely. Mobility also helps reduce late payments since approvals become much faster when all information is readily accessible anytime, anywhere.
Welcome to the 21st Century!