As we are proceeding toward the advanced era of digitalization across all portions of business, modification might be difficult for everyone, and emphasizingon the advantages of such revolutionary transformation is critically significant. For example, as we know that working with online tools and software have made the accounts maintenance very easy, however still most accounts payable departments use to operate and review invoices manually. However accounting firms in Dubai have come up with the various solutions related to the accounting.
In order to start your business journey toward digital transformation five reasons are mentioned below to convince that why it makes sense to modernize your processes with accounts payable automation.
- Accurate Results
There is always a possibility to get a number wrong whenever you are typing or writing by hand.It is considered as main duty of an accountant is to check and then double-check to avoid simple math errors or omissions. As we know that 2+2 = 4, but despite of that in a stack of thousands of invoices, mistakes do happen. Just a small mistake or an addition error can result in the loss of money and time as well to sort out and then rectify the error. Due to automating accounts payable, you will observe that the invoice you entered will be exactly the same invoice others see. In case of any error in the initial invoice, the system can be set up to easily recognize inconsistencies or errors.
- Increasing Efficiency
By adopting automation system for your accounts payable process, you will release workers from repetitive tasks and allow then chance to utilize their skills in more productive ways. In majority cases, invoice preparation is primarily based on reading and entering figures, further checking them for accuracy. As this segment of the AP process is automatic, accounts payable experts can use their skills or concentration on a more analytics-focused role, like seeking for chances to increase cash flow and gain discounts from retailers.
Though apparently adopting automating accounts payable might affect you by making less aware regarding daily based processes, the conflicting is true. By gathering relevant data and offering it only to concerned parties, automated accounts payable provides you more mistake possibilities.
- Modernized processes
Accounts payable automation will provide you the automatic approval and entire work process, particularly checking to ensure the amount mentioned in the bills are exact. Due to adopting automation this process, there will be no need to hunt for a bug or missing information. You can easily locate the glitch at any point during the approval process, you will be aware how to fix it. Few clicks will be required if you simply want to check on the status of an invoice.
- Account/Record maintenance
The automation though provide you a transparent, digital process, but somehow you’re also providing a digital trail for anyone who can follow. It happens sometime that very important documents with critical signatures got lost from your cabinet. You will be able to keep records due to the automated platform. Farahat & Co will also provide you guidance to track every step of your processes and then maintain those records by developing retention schedule.