Give Yourself the Gift of Time with Automated Accounts Payable
In a small business, particularly in the non-profit sector where funds are often tight, balancing a need for time with a need for money is a frequent occurrence. The post Give Yourself the Gift of Time with Automated Accounts Payable appeared first on Keela.
As the adage goes, time is money.
In a small business, particularly in the non-profit sector where funds are often tight, balancing a need for time with a need for money is a frequent occurrence. Luckily, with the rise of automation, it’s a little easier to strike the right note between the financial and time-related investments necessary to keep your business afloat.
The Benefits of Automating Accounts Payable
For a small operation working with more than a handful of vendors, processing accounts payable can be a full-time job in and of itself. The time required to organize invoices, input data, verify correctness, schedule payments, and send checks can be a significant undertaking.
With automation, however, it doesn’t have to be. Streamlining virtually every aspect of the process with minimal staff involvement, automation can offer amazing advantages for your not-for-profit, saving you cash on payroll and time on redundant, repetitive tasks. Here’s how you’ll benefit when you make the switch to automation.
Automation Saves Time
The time required for administrative tasks can be immense, keeping a member of your team occupied in mundane activities that don’t further the key causes of your operations. Automation relieves this burden, allowing employees to put their energy into more important priorities while a computer enters data, schedules payments, and submits invoices to board members for approval. And by using platforms like QBO and Xero , it’s fast and simple to tie your AP processes in with your accounting systems as well.
Keela actually integrates with QuickBooks Online , to help save you even more time!
Automation Saves Money
While not seemingly an expensive endeavor, accounts payable processing can be more costly than you realize. The expense required to employ a professional to handle AP requirements can be quite notable, especially for a non-profit working with tight margins.
Rather than paying for a salary and benefits, you can invest in a low-cost software solution, decreasing back office costs and saving you thousands. When combined with an outsourced accounting solution like Enkel that can handle any hands-on human interaction, you can further decrease the time and money spent on AP.
Automation Minimizes Mistakes
Making mistakes from time to time is just a part of being human. A few numbers transposed, or a missed payment can happen to anyone, but without proper internal controls, a few wrong clicks can cost you significantly.
Rather than putting your non-profit at risk for human error, automated processes can ensure each and every number is completely correct. With automatic invoice inputs, reconciliation with bookkeeping entries, and built-in verification checks, you can rest easy knowing that every payment you make will be error-free and accurate.
Automation Guarantees Easy, Effective Payments
In a not-for-profit business, the payment approval process can be lengthy. In general, most invoices require board member approval, an undertaking that can entail lengthy legwork for board members with other jobs and homes in a different city or state.
Instead of allowing your team to continue with an outdated manual approval process, automation facilitates a fast, effective digital signature approach that can happen anywhere at any time. Invoices are automatically sent to the board member or members needed for approval with signing opportunities directly through the digital interface. Checks can be signed in real time as well, making it easy for your team members to submit payments in a few simple clicks.
The New Year and Your AP Processes
With the start of a new year looming, it’s the perfect time to transition your old, outdated payroll processes to a simplified, streamlined system. As you look ahead to next year’s budgets, estimated expenses, and expected income, you’ll soon see that making the switch to automation can save you significant time and money over the course of the upcoming year.
By implementing accounts payable automation now, you can unlock your budget for the new year and expand the opportunities available to your not-for-profit, including increased investments in the things that matter most. Rather than continuing to spend time and money on outdated methodologies, you’ll be able to move forward with confidence without wondering what could have been.
Take Your Nonprofit Into the 21st Century
When you’re tired of wasting money on time-consuming and antiquated processes, software resources like Plooto can help you revolutionize your operations with a fast, efficient, and modern alternative to traditional accounts payable solutions.
Whether you choose to keep bookkeeping in house or transition to an easy, affordable bookkeeping service like Enkel , the move to an automated approach to AP can be the boost your non-profit needs in the new year.