Are you planning to move on to paperless environment for your invoice to pay or account payable workflows? Then let’s go digital with your payment processing.
Manual payment processing systems have so long been at the counter of banks and account payables. There is a gigantic pile of binding papers and documents placed in offices and some of these folders are moving within departments for many days just to get formal approvals from top managements.
Invoices are manually prepared and checked in traditional payment systems which leads to numerous human errors. Companies are anxious to cross-check their every piece of information to cut down blunders.
Accidental embezzlement and frauds will be the ultimate death for any financial institution. This fact is also immensely challenging for any organization.
Paperless payment processing system will be the ultimate solution of all such issues. Going paperless will lead to streamline all the processing. This system will provide you the benefits of cutting down your extra cost of papers, improve efficiency, securing classified data, and gives more control in paperless payment processing. Let’s discuss how this efficient system can be implemented? and what are the benefits of automated paperless payment processing?
How to adopt a paperless payment processing system?
Every business wants accurate, fast and smooth process to facilitate their customers. Paperless payment processing provides better precision as it also removes the risk of blunders.
If you have planned to adopt automated paperless payment processing system firstly you need to clearly define objective and processing requirements of your current business processes. This is a huge challenge of moving towards automated paperless payment processing solutions.
There is a comprehensive analysis of the financial documents like the format of invoices, approval processes of these invoices and the officials of organization involved in these procedures.
The functional requirements can only be gathered from the front-line workers. They provide all the insights of the existing paper-based system, so it is important to involve them too.
All the existing documents need to be converted into electronic format. This practice must be completed before implementing your automated paperless payment processing.
Finally, you need a best supplier of software industry to implement your existing ERP into automated software program. This paperless system should be cost-effective, secure and implement all the functions of your organization with efficient reporting tools for top management.
Benefits of Paperless Payment Processing
Digital payment processing system is a great innovation to facilitate employees of organization and their business processes. The automated system is faster and cost effective for everybody. It will definitely cut down the human mistakes and provide accurate results in payment processing. Secure computerized payment transactions will be challenging for scammers to access.
Here are some key benefits of paperless payment processing systems for any organization:
Low Processing Cost and Faster:
A survey showed that a single person uses more than 700 pounds of papers in the United States each year. On the other hand, an effective automated payment system comes with very lower processing cost. You can store trillions of data into a single drive and cut down the data storage cost too.
The more time spent in handling payment invoices also leads to increase the expenditure for any organization. But if your invoices are digitalized and you consumed less time in processing the automated accounts payable processes. It also reduces many unnecessarily approvals and manpower involved in each transaction.
Higher-management have spare time to think about their customer care and many other profitable schemes for their businesses. You can definitely utilize your time and money in paperless environment into a better way.
Easy Access of Records:
Going paperless enables you to easily access and retrieve the records from your automated system. Many companies are working on historical data and it is tough to trace the older records. Paperless processing system allows everyone to retrieve any old file with no time by using built-in search engine.
Electronic files and invoices can also be easily shared with coworkers to scrutinized the information. You can simply define the level of rights for each staff member about accessibility of data. This will secure your system and increase the efficiency of your payment processing.
With paperless payment processing, you never need to worry about loss of data or files. The digital system will automatically store your everyday action. All the important data and invoices are residing at secure place.
With the invention of cloud storage, external hard drives and flash drives, your system contains multiple backup points on different locations and you can easily access any of them.
Modern-day cloud-based processing software comes with the feature of automatic backup facility which saves your files repeatedly as per given schedule.
You can easily retrieve any of your lost or forgotten document from different backup locations with no time.
The most worried factor for any business is the security of their data. Even clients demand protection in their payment transactions. Scammers also looking to attack these significant transactions. Automated payment processing software provides modern security protocols with premium encryption policies both for vendors as well as to their customers.
You can apply these security levels and standards according to your organization rules and regulations. Computerized invoices can be transmitted between consumers and merchants in a secret way. All the account payable transactions can be handled far away from unauthorized persons.
More Control and Visibility:
It is very difficult to access real-time information with physical paper system for any invoice. There are thousands of transactions took place and it is hard to find the status of these transactions.
Automated AP environment provides you the facility to track any of the invoice data easily. Means you have more control on your data. Customers can also check the status of their transactions anytime.
With the help of paperless payment processing system, financial managers emphasize more on their analysis and introduce more opportunities for their customers to improve profits. This automatic system also has centralized payment approval system.
Top management and executives of the companies can control and check the entire system with just a few clicks.
Environment Friendly Structure:
Going paperless with your AP processing will also help the environment green. There is a large number of papers required for payment processing and we all know that there is a huge number of trees cutting down in paper-making process.
Paperless payment processing system not only allows your planet to be green but also decrease the cost of papers used and make your profit green.
Not only industries becoming more automated but so is payment processing. Currently if your organization manually dealing with their payment transactions then it’s time to change your traditional system into automated paperless payment processing.
This automated system is not only cost-effective scheme but it also provides you faster access and security of your data. Retrieving the older records from backup residing at different locations is also a wonderful feature. You can also monitor and control daily payment transactions of your invoices. Finally, making the environment green feels so sensational.