Platinum Business Services, your off-site accounting department, combines technology with in-year Financial and Cash Management in support of our clients' successful and profitable business year. Our series of helpful hints brings you awareness about a variety of technologies and processes business owners and organization managers can utilize to have a more successful year.
Today we are pleased to share the highlights, and if you choose, the link to an article on - A Complete Guide to Invoice Management for Accounts Payable by one of our technology partners - Plooto.
Businesses for profit and not for profit need to generate healthy cash flow to thrive and grow. A significant part of this is the effective management of the outflow of money - Invoice Management for Accounts Payable. Good invoice management is vital to ensure free cash flow. About 82% of SMBs experienced cash flow problems, with about 29% running out of cash resulting in business failure. Research from Everest Group found that a business with nonautomated invoicing pays an average of $10 per invoice, while automated invoicing averages only $2.07 per invoice. Manual invoicing costs 5x more for your business than an automated process.
An automated process improves cash flow while saving cost and staff time, increased security while reducing the friction and stress associated with the accounts payable process. Significant frustration and time is wasted on manual generation of cheques and getting the appropriate person, or people in a two signature approval situation, to sign cheques to be mailed out. An automated process, like the one in Plooto, eliminates the stress and gets the required approval immediately electronically in front of the approver.
Read the full article at this link - https://www.plooto.com/blog/a-complete-guide-to-invoice-management-for-accounts-payable
If you have questions about the article or want to know how we can implement Plooto for you reach out to us and we would be happy to help.
Greg Libbrecht and the team at Platinum Business Services