How to Increase Accounting Processing Speed and Pay Invoices Faster

How to Increase Processing Speed and Pay Invoices FasterInvoices (both payable and receiving) are an integral part of every accounting department in business today. They have created a standardized method of how money is collected and paid from one business to another. If we're so familiar with them, why are they so cumbersome?

In fact, poor handling of invoices is one of the ways organizations everywhere are losing money, and they may not even realize it.

To often is money supposed to be collected but it gets brushed off or swept under the rug in favor of other work that needs to be done. After all, you sent that first invoice, the money will come in as it is.

conversely, paying invoices early or on-time will often result in a significant discount in price from vendors, and in reality there are a lot of other benefits for budgeting and estimation of expense for a given period of time when payments are being made in a timely manner.

Besides, you already can't stand when customers aren't paying you after being invoiced - why do that to other businesses?

By automating your accounting department, routing can take place after events are triggered either by human action, or the receipt (or absence) of a document electronically.

You could take your entire payment process online - by offering to process payments via credit card online, and sending invoices through e-mail - giving customers a modern option for how to pay you for what they've purchased.

When it's time to return the favor, the automation system moves from inventory workers to the accounting department, collecting packing slips and pairing them to invoices as clerks are receiving and sending as fast as they can.

The real benefit can be seen in the error it removes, allowing speed and rapid response to grow in the department. As workers are focused on tasks that really require human attention, computers can be working behind the scenes to fulfill the tasks that are repetitive and often result in low attention rates from employees.

These things combined will yield a full-blown, automated, modernized accounting department that is paying and receiving money faster than ever before, producing positive cash flow and reducing error.

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