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The entire accounting function of your business can be outsourced. We can perform all transaction processing, accounting, cheque preparation, payroll, and filing off-site. Here is how it works: We are provided vendor invoices, deposit reports, government forms, and other source documents from your business on a regular basis. We can process your transactions in Simply Accounting or QuickBooks and prepare cheques to pay your vendors.
Times change. And so does technology. Is invoice scanning obsolete? Eight years ago, I was like most vendors. I preached the virtue of scanning invoices. I waxed eloquent about how it saves time with filing and storage costs. Today, I’d have to ask why any organisation would do invoice scanning. It means investing in a scanner. Not to mention doing all that manual work – something I’ve found accounts payable staff hate and usually aren’t very good at.
Rhonda Greene has served in several integral roles for AvidXchange over the last few years, including Vice President of Payment Services. Rhonda has been in the accounts payable world for more than 20 years in various roles, and has witnessed the transition from paper-based processes to completely automated AP and payment processes firsthand. Rhonda enjoys sharing her best practices with other financial professionals to help them navigate day-to-day AP challenges.
I’m often asked how to get one’s staff to increase the use of purchase orders. That can be a bit sticky because most of the people in your organisation probably have no idea why purchase orders are so important – they just appear to be an admin process that wastes a lot of time. Just more paperwork? They don’t realise that purchase orders can give management a long-term and accurate perspective of the company’s financial position and commitments or that purchase orders en
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
Is your handling of invoices tax compliant? Receiving invoices by email is both a blessing and a curse. Which you get depends on how well set up you are. For example, many of the accounts payable staff I talk with tell me that they hate getting email invoices. They have to print them out so they can be processed. Even companies that scan their invoices find themselves printing them out.
Procurement of goods is a vital corporate function. Needless to say, an efficient workflow that starts from procurement and ends in paying for the goods is very important to ensure that expenses are within the company’s budget and that costs are kept at a minimum. Procure to pay solutions is the key to effective supply chain management. By integrating the purchasing process with the automated accounts payable function, an organization can strengthen its controls over purchase authorizati
Why automate accounts payable? Accounts payable departments often use lots of paper and manual processing is one of the most expensive components of the business accounting cycle. Accounts payable typically requires manual data entry and significant labor costs. Manual data entry is also error-prone. Susie West of Ardent Partners presented a survey (What Makes An Accounts Payable Function Best-in-Class?
Why automate accounts payable? Accounts payable departments often use lots of paper and manual processing is one of the most expensive components of the business accounting cycle. Accounts payable typically requires manual data entry and significant labor costs. Manual data entry is also error-prone. Susie West of Ardent Partners presented a survey (What Makes An Accounts Payable Function Best-in-Class?
Large technology projects are often described as transformation projects. These projects significantly change the way organisations conduct their business and how work gets done. Unfortunately, the reality is that the success rate of transformations is less than 40%. Why do so many transformations fail? What are the barriers to transformation? There are many common barriers to success.
Secure against fraud in e-invoices: digital signatures embedded in documents have become an essential part of e-business. Not to be confused with digital certificates, digital signatures allow you to verify that a document is genuine and that it has not been modified in any way. Signatures are embedded securely while not visible on the image. If anybody attempts to tamper with the document, the signature is instantly removed.
This white paper uses a variety of trusted sources to explain the significance of new Portable Document Formats (PDFs). “Traditional archiving methods such as paper and microfilm guarantee reproducibility but have been superseded by new technologies. The popularity of PDF (over TIFF) grew for a variety of reasons but the format’s proprietary nature meant that reproducibility over years could not be guaranteed.
The process of accounts payable automation with CAAPS is far simpler than you would expect. To help demonstrate, let’s look at how a traditional AP process compares to an automated process. The traditional accounts payable process Invoices are received by account payable. Our annual Accounts Payable Benchmark Report measures the productivity of AP operations.
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
We’re pleased to announce the addition of Nigel Morris to AvidXchange’s board of directors. Nigel Morris is the managing partner of QED Investors, a direct investment fund focused on high-growth companies that leverage the power of data strategies. In addition to his work with QED, Nigel works in an advisory capacity with General Atlantic Partners and Oliver Wyman Consulting.
Small business owners and professionals are discovering that outsourcing your bookkeeping saves payroll , overhead cost and it’s a giant step in freeing up valuable time. For many owners,just the effort of hiring, training and managing a bookkeeper can take as much as 5 hours a week and if you’re doing the books yourself the numbers are even worse.
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