#GOING PAPERLESS SOFTWARE#

Paperless accounts payable software allows the accounts payable department to track invoices and easily access invoice data anytime during and after the approval process. Paperless Gives Your Organization More Control It’s also tougher to enforce controls that are designed to prevent fraud. A paper system makes it easy to steal files and hard to notice when they are gone. In addition, the AP department handles so much information that they tend to be a target for theft and fraud.

Lost invoices lead to late or unpaid orders, fees, and issues with audits. Since accounts payable departments deal with a ton of paper, it’s easy to lose track of invoices in the shuffle. AP managers can even approve invoices remotely. With automated accounting software, anyone in the AP department can initialize invoice processing.

Especially if the employee is responsible for issuing payment approvals or initiating the process itself. When someone is out of the office, the entire system can come to a grinding halt. This results in missed payment deadlines and delays as AP teams struggle to keep up with incoming invoices. In a paper-based accounting system, every step of invoice processing is handled manually. There are no hidden fees for transportation, accessibility, and the like.

#GOING PAPERLESS MANUAL#

There can even be a cost if you want documents destroyed.ĭigital document storage providers will also charge a fee per month but it’s much easier to use than manual processes. Not only is there a monthly storage fee, but there are also transportation costs and other miscellaneous charges. You also lose space you could use for something else. Storing records on-site can be rather costly. In the case of an automation solution, there is a search engine built into your digital document storage system. But, at times, that means there are so many files, it’s hard to locate what you need. Many companies streamline operations by storing some or all of their paper documents off-site. Going Paperless Makes Records Easily Accessible However, when you digitize invoices and use a paperless, automated accounts payable process, you save a great deal of money. The more time spent handling the paper, the more it costs to process every invoice. How much manual attention the invoice needs matters a great deal. On the other hand, “top performers” spend an average of $4.98. This can include: Paperless Comes with Lower Processing CostsĪ 2015 survey by APQC shows that people defined as “bottom performers” are spending an average of $12.44 to process every invoice. When paper documents are removed from a business process, it creates a variety of benefits for an organization. Read more The Benefits of a Paperless Office The FinTalk Blog Strategy and trends in payments.Customer Stories See how we transform finance operations.Why Tipalti A modern, holistic, powerful payables solution that scales with your changing business needs.The Tipalti Platform Global, scalable, and fully automated.Global Partner Payments Scalable payment solutions for creator, ad tech, sharing and marketplaces economy.Purchase Order Management Control and visibility over corporate spend.Accounts Payable Automation End-to-end, invoice-based payments designed for growing companies.

Going paperless