How Does Accounting Document Automation Software Work?
Keeping track of cash flow is vital if you want your company to be successful. Countless financial documents enter and exit your business on a daily basis, including vendor bills, client payments, late notices, and invoices. Accounting document automation ensures that every financial document is recorded, reviewed, and processed.
Every financial document makes its way through multiple employees, departments, and steps at a business before being stored for future reference. Incoming client payments are managed during the accounts receivable (AR) workflow, whereas your accounts payable (AP) team tracks outgoing payments to vendors.
The AR management process requires data entry, invoice approvals, client follow-ups, and paper check collection. Similarly, during the AP process, your accounting employees collect vendor invoices, seek manager approval for payments, and record amounts paid. Carefully tracking both workflows is essential because it allows you to compare the payments you receive against the payments you make.
Without an automated system, your employees must manually scan, assess, and pass along accounting files for approval. If they miss a step in the process, it can lead to unprocessed payments, missed deadlines, and lost income. Automated accounting and invoicing software reduces human error and prompts employees to complete every critical step in the document management process.
Americom partners with Square9 to offer AR and AP automation solutions. Automated accounting software scans and imports financial documents, reads their contents, extracts data, routes files to designated personnel, and tracks payments. During the accounts payable process, Square9 software checks vendor invoices against related purchase orders, requests payment approval, and records each step to ensure IRS compliance.
of Accountants Increased Productivity With Accounting Technology
of All Accounting Tasks Can Be Automated
of Small Businesses Use Accounting Software
Why Use Accounts Receivable and Accounts Payable Automation?
There are many benefits that come from automating your AR and AP workflows, including:
Reduced errors: Businesses that rely on manual data entry and paper invoice processing are more likely to experience accounting errors. Because automated accounting software keeps track of every transaction, you can avoid overpayments, double payments, and data discrepancies.
Improved data accuracy: AR and AP software pulls data directly from documents and checks it against other records. Your employees won’t have to reconcile each incoming payment with prior invoices because automated accounting software does it instantly and accurately.
Compliance with government and internal standards: Companies are supposed to store financial records for many years, and they need prior transaction information when filing tax returns. Accounting software automatically keeps financial documents on the cloud for easy access and retrieval.
Increased productivity: Because automated accounting software automatically captures documents and makes them searchable, your employees can find the invoices they need quickly. Additionally, AR and AP software automatically handles redundant tasks, allowing your staff to focus on more important things.
Streamline Your AR and AP Workflows with Invoice Automation Software
Most businesses process invoices multiple times a week. AR and AP automation software turns paper invoices into digital documents and sends them to specified employees for approval and processing. Invoice automation software prompts employees to complete every step of the invoice approval process and logs every change.
Our team knows how challenging it can be to keep track of every invoice’s status and due date. Americom helps St. Louis businesses streamline their accounting practices and ensure that every critical document is addressed and stored. Square9 software lets you know when to follow up for payment from clients and send checks to vendors, so you never miss a payment.
We can help you integrate AR and AP software into your existing workflows. Technicians are always available at our IT help desk to troubleshoot software issues and walk your employees through new systems.