Automated accounts payable is great for your construction company. If you are still manually paying bills with a checkbook or paying your bills via snail mail, you need to make the switch ASAP!
Here are the top five reasons why accounts payable automation is perfect for your construction business:
1. You can integrate the accounts payable management software directly with your online accounting software
Once vendor invoices are entered into your accounting software it can automatically sync with accounts payable management software to insure that all bills are accounted for and there is no chance of accidently double or overpaying paid
Integrations allow for one click payment using the details entered in your accounting software - no need to write a cheque or copy payment details to your bank's system for payment
2. Pay vendors on-time
All due dates are tracked in the software meaning that all bills can be paid on time
On-time payments mean no late penalties which saves money for your growing business
3. Accounts payable automation makes it easier to view your payment history
All payments are tracked virtually so if any disputes arise about payment the details can be easily searched to confirm what day payment was made
4. Your data will be more secure and accurate
Most accounts payable software has bank level security and all payments are secure (ensure that the software you choose has good security features)
Accounts payable automation software extracts data from your accounting software to ensure that the correct payment is made and there is no chance of mistakes (common mistakes are misprinted cheques, cheques sent more than once for the same invoice and mistyped amounts when making an online banking payment)
5. Spend more time doing what you love in your construction business instead of worrying about bank balances or managing payments to vendors and wholesalers
Most importantly focus on your business and not the tedious paperwork
Accounts payable automation software is a great way to help your construction company run more efficiently. With so many different functions and features, it’s easy to get overwhelmed when you first start researching the best systems for your business. That’s why we created this summary of five reasons that automated accounts payable will be perfect for just about any size in the industry. We hope these insights have been helpful! If you need assistance setting up an accounts payable management system, want advice on the best software to use or want someone who can give you some pointers on how they work, contact us today.