All the fields of accounting are going through a major change. Just not that manual steps are eliminated, you can also notice that many actions process itself is eliminated. Initially its was all cash transactions, which was replaced by cheque transaction now its more and more online transactions. Automation is no longer is luxury is more of a necessity.
We have listed few points below through which you can transform your Accounts Payable process.
Application for your vendors Registration: – You can have your own webpage connected with your ERP / Accounting system for your vendors to submit all the details relevant for you to approve them to be a vendor. There are also applications like Zoho creator / Google forms through which you are create couple of web pages and ask your vendors fill their data and then manually create the vendors in your system. Zoho creator can also help you create a mobile application instantly.
Supplier Relationship Management Portals: There are various companies providing Supplier Relationship Management portals. With this you can also manage all the operations of your supplier right from the Purchase order till the payments. You can also create your own portal and integrate with your ERP if there are any custom requirements
Employee Expenses: Similarly, there are numerous mobile applications/ web application like concur, Field sense etc, to easily manage your employee expenses. Instead of asking your employees to send emails of their expenses, it’s a better way to manage your expenses. If you want it to be cost effective, you can also create a google form for your employees to submit their expenses. In case of mobile or web applications, you can directly integrate with your ERP / accounting applications. There also solution that can help your track your employee travelling distances and tracking.
Automated Invoice Processing : With the introduction of Machine learning, more organisations are moving towards machine learning API’s to recognise and post Invoices in ERP Automatically. The below links are visit a worth.
Also based on the requirements, we can read the PDF’s that are predetermined format to create the Accounting / documents in your ERP / accounting solutions. If you are processing, more than 1000’s of transactions in a month, its worth a try.