Six Common Signs Your Business Needs to Invest in Bill Pay Automation
Six Common Signs Your Business Needs to Invest in Bill Pay Automation
Financial statements provide essential information about the company’s financial health and performance. However, the use of financial ratios enables us to analyze different aspects of the business, which are not evident by simply looking at the business’s financial statements.
The end of your payment cycle is looming and you see your financial team running around feverishly working on executing payments, frantically searching for data records, and holding their heads in despair over the calculations gone wrong. They’re so busy manually searching, double-checking, and verifying payments, that they do not have time to process incoming bills.
As a result, they’re likely to fall behind in devising the strategic goals for the upcoming month such as detecting early payment credits with your vendors or setting better payment terms. With your planned expansion progressing nearer by day, you’re desperate to free up capital and sort out your cash flow but it’s looking unlikely to happen anytime soon. If this scenario feels painfully familiar to you, it’s time you invest in bill pay automation.
Not only does bill payment automation make the burden of payment collection and delivery streamlined for your business, but it also enriches your cash flow and financial reporting services to help you achieve financial stability for your business. It’s vital to learn the six common signs that indicate it might be time to invest in bill pay automation to help you sort out your bill pay and payment collection burdens and streamline your financial operations for elevated business growth.
Six Warning Signs Your Business Needs Bill Pay Automation
Businesses need to keep up with the latest technological standards to maintain their operations and stand apart from their competition. So, it’s no wonder they have to shift their bill pay processing to automation to make their financial operations more streamlined. Here are some common warning signs you can check if you need some help determining if your business needs to invest in bill pay automation:
- It’s Been Impossible to Meet Deadlines
Chasing payment deadlines is a struggle that almost all businesses face. However, if you’ve noticed an increased difficulty in collecting payments and paying out invoices, your bill pay processing system likely needs some help. Bill pay automation can not only simplify your A/P and A/R workflow but also help you with your month-end close to streamline your cash flow and meet your deadlines on time
- There’s Been a Lack of Visibility in Your Bill Pay Processes
As your business’s operations grow, so does its bill pay processing. However, that means your A/R and A/P workflow is going to get more hectic and it’ll be impossible to keep track of invoice statuses. This can result in missing out on collecting or sending out payments and harming your cash flow in the long run. However, implementing a cloud-based bill pay automation platform can help you provide real-time visibility in your bill pay processing, which can help you become better equipped to make informed decisions.
- You’ve Been Planning for a Business Expansion
You might have been planning your business’s expansion for some time but it keeps getting pushed back because you can’t seem to free up enough capital for it. This can be because your cash flow isn’t very healthy due to complex A/R and A/P workflows. Implementing bill pay automation can help scale your business by simplifying your bill pay processing, improving your cash flow to bring in viable profit, and delivering real-time data-driven insights into your expenses.
- You’re Spending Too Much Time & Effort Correcting Mistakes
Mistakes are natural in any manually completed task. However, they can cost you a lot when these mistakes impact how your cash flow looks at the end of your books. This can happen a lot for businesses that have grown out their A/R and A/P processing workflows.
To avoid undermining supplier relationships, wasting additional resources, and harming your profits, investing in bill pay automation can be the right solution for your business. With an automated A/R and A/P processing system, you can significantly minimize the likelihood of human error and shorten invoice approval cycles by a margin.
- Your Suppliers Have Been Constantly Calling
It’s common for suppliers to remain in touch with your business to maintain your business relationship with each other. However, if the nature of this communication has constantly been unpaid invoices, it likely means your invoice processing workflow has been struggling.
Late supplier payments can not only harm your relationship with them but can also hurt your reputation in the industry. To ensure timely invoice processing, outsourcing bill pay automation in your financial operations is necessary.
- It Costs Too Much to Process Payments
Your invoice processing should be working for your cash flow, not against it. If it costs too much to process correct and timely invoices, it’s a sign you need to automate your invoice processing.
High invoice processing costs are tied to slow processing, frequent miscalculations or errors, and general process inefficiencies. By integrating an efficient and affordable bill pay automation platform, you can monitor the direct costs of your invoice processing and lower them significantly to make bill pay processing profitable for your business.
Benefits of Outsourcing Bill Pay Automation Services
It doesn’t matter how hard you try to smoothly run your financial operations. As your business grows, you’re likely to experience various kinds of accounts payable and receivable challenges. Bill pay automation can help you overcome these hurdles with ease and save you time, money, and effort along the way.
Instead of trying to tackle integrating automation on your own, outsourcing bill pay automation from a professional service can help you deploy stable financial operations for your business. Here are some further benefits that highlight the benefits of outsourcing bill pay automation services for your business:
- Expedite Payment Timelines: Outsourcing professional automation services helps you avoid unnecessary payment delays with automated workflows and invoice verification systems provided by the company.
- Remove Manual Errors: By working with an advanced bill pay platform provided by the service, any repetition, calculation, or missing data errors are automatically corrected to ensure accurate payments.
- Boost Financial Reporting and Auditing: By working with an advanced automated platform, you receive accurate and timely financial reports of the payment cycle to help offer data-driven insights for strategy development and auditing.
- Improve Employee Experience: Not only does working with an automated bill pay service help you offload the mundane and repetitive tasks from your financial team, but also ensures a happy employee experience with timely payouts.
- Accommodate Business Growth: Bill pay automation services are scalable and flexible, helping you work with a solution that’s going to adapt to your growing needs.
By hiring professional bill pay automation services, you can streamline your business’s entire financial operations with an improved cash flow, satisfied employee experience, and timely financial reporting and auditing.
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Transform Your Finances With Professional Bill Pay Automation
If there’s a working period your financial team might not look forward to, it’s the payment cycle. Not only does this period demand your constant attention but also carries the risk of missing out on collecting or sending out payments, incurring late fees and compliance penalties, and ruining your overall financial planning.
However, with the right automation solution, businesses can streamline their bill payment processes and improve their financial flow. AccountiPro offers state-of-the-art bill pay automation solutions for businesses to optimize their accounts receivables and payables, boost their cash flow, and achieve financial stability to support their expansion goals for sustainable growth and success.
