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7 Reasons Why Your Business Needs Accounts Payable Automation

Wed, 14 Sep 2022 09:00:00 -0400

There are multiple layers of work in an Accounts system. Accounts Payable is probably one of the most crucial parts of it. It is what runs the cash flow of the company and determines your expenditure. From invoice tracking, recording keeping, processing and clearing payments, it has many different aspects.

When the bookkeeping season starts the process becomes even more hectic because of a lot of extra work to close books. It can become extremely hard to keep track of all accounts if your business is set out for growth. But you also can not afford to miss out on payments to avoid conflict. An automated Accounts Payable system is the best answer to this.

7 Reasons why an automated Accounts Payable system will work for your business

Are you overwhelmed by the increasing and complicated accounts payable lists of your company? Then outsourced accounting services might be the best solution for your business. KriyaGo’s back office accounting services can help you automate your system. We will guide you every step of the way and make the transition smooth and hassle-free. Pick up a call with us today and discuss your business needs with us. This will ease the life of your back office employees and you can reassign them to better front office work.

Here are a few of the reasons why you should start automating the accounts payable system immediately.

1. Save overhead cost

When you automate and outsource your Accounts Payables you get expert help when needed. Highly skilled professionals will work on your account and there will be no chance of discrepancies. Why is this important? Not only do you not have to pay for these experts throughout the year, but these people will also give you valuable insights. Your in-house semi-skilled team might not be well equipped with the minute industry knowledge and will reflect in your bookkeeping if you don’t take charge. These insights will also save you from further penalties.

More than 60% of companies feel that they have very little knowledge of accounting and that is the crux of the matter. You need to identify your weakness and get back office outsourcing services to address the matter.

2. No chance of losing manual invoices

If you have an automated system then both your invoices and payments will be electronic. This leaves no chance for disparities and loss of documents or money. As many as 64% of businesses across the world insist that they want to shift to e-payments to avoid the hassle.

The automated system will not need you to process each payment individually and there will be no delay. You shed the load off your back and reassign your staff to other work. Get the heavy lifting accounting work done by the outsourcing partner.

3. Complete track of all transactions

When you do things online or in the cloud all transactions have history and evidence. There is hardly any chance for fraud or missing cash in such systems. There can be no financial fraud because all payments in an automated system are approval based. No transactions can work without the authorities giving a go-ahead, saving you the headache of money loss.

When the system is automated you also have evidence of who authorised which payment making the process hard to breach.

4. Get easy and quicker approvals

When vendors are breathing down your neck, getting manual approval on each invoice can become a hectic task. When all the invoices are uploaded in the automated system you can get approvals on the go and process transactions in a few clicks. You can also process approvals and payments remotely without physically being at your office desk.

5. No chance for human errors

Human errors in the Accounts Payable process can lead to a lot of double payments or non-payments due to gross overlook. Any vendor or supplier is bound to lose trust if they do not receive payments on time due to minor errors by your accounting team. To avoid such bad business you need an Accounts Payable automation system in place.

The data tells you why. Market statistics say that a business that depends on automated system accounting is 33% more likely to pay their Accounts Payable on time than manual ones.

6. Benefit from early payment discounts

There are many vendors out there who give early-bird discounts to loyal customers. You can reap the benefits of this with an automated Accounts Payable system. Re-evaluate your strategy and leadership well and understand how this can save money for you. Vendors provide as much as 1.5-2% of average discounts on early payments which means you can add them up and save thousands of dollars at the end of the year. The same survey also reveals that more than 62% of vendors want to be paid early. You can leverage this data with an automated Accounts Payable system to spend less money.

7. No legal or audit issues

As an automated Accounts Payable system works in a systematic manner there can be no delay in payments. All transactions work on their own based on set dates and other criteria. You can land into legal or audit issues due to non-compliance with regulations. The analysed data will be quickly ready on the automated system and can be readily produced in front of audit enquiries.

KPMG findings also say that audit and tax are making a digital shift all across the world, post-pandemic. This means if you automate your accounts system then the whole system will be easier for you as well. Audits will no longer mean sweating over discrepancies in Account Payables and Receivables and an easy end to the tax season.

Final Thoughts

Research data says that when a company automates their Accounts Payable process it cuts down paperwork significantly. It also increases the work efficiency of employees when the tedious data entry is lifted off their shoulders.

Handling this humongous and complicated process on your own is troublesome. You must get outsourced accounting services to simplify it. We at KriyaGo are waiting to help you get your Accounts Payable system automated and error-free. Want to know the minute details about how it works? Book a free consultation with and talk soon.

When Should You Start Outsourcing Your Business Processes?

Mon, 20 Dec 2021 09:00:00 -0500

More companies are looking to outsource most of their business functions. According to Fortunly, about 54% of companies use third-party services to interact with their customers. While cost-cutting is a common outsourcing goal, companies have their own reasons for outsourcing. Some want specialized skills while others want to scale their business. If you also want to hire a service provider, read on to know the right time to start outsourcing your business process.

You Use Multiple Business Software

Using more than one software to meet your business requirements is a waste of valuable resources. For starters, employees have to engage in duplication of data. Most tools work with the same information but require their own database.

Additionally, entering the same data in different software makes it prone to human error. This can lead to poor client management and a decrease in revenue. A Gartner survey found that poor data quality leads to an average loss of $15 million every year.

You can avoid this by outsourcing software integrations. Service providers combine multiple software into a single platform that is suitable for your business. They can also add any additional features that aren't available in off-shelf tools. Apart from the cost benefits, software integrations also improve data flow and increase employee productivity.

You Struggle With Employee Retention

If you ever had an employee resign, you know the costs and struggles that come with it. According to Forbes, the year 2021 will see a higher employee turnover rate. As a result, companies have to bear the consequences such as loss of talent and decreased productivity.

Moreover, hiring new employees comes with its own challenges. Both, the lack of the right talent and the high cost of training someone new are distressing for the company. If your business also struggles with retaining staff or filling vacancies, then outsourcing is the best option for you.

Outsourcing companies have pre-trained staff that can handle your business tasks. It also gives you access to industry expertise which assures better work quality. Additionally, the large number of employees also makes them reliable. You can outsource your work without worrying about leaves, vacations, or resignations.

You Focus More On Non-Core Tasks

Every business needs to have a great accounting or marketing team. But as a real estate company, your main focus needs to be property management. If you spend more resources on managing non-core functions, it will affect your business productivity.

Many outsourcing companies offer services to help with non-core tasks. In fact, recent studies by Clutch found that accounting and IT services were the most commonly outsourced tasks. This lets business owners focus on their core competencies and allot adequate resources for them.

You Want To Avoid Unnecessary Tech Purchases

With advancing technology, most real estate businesses rely on various software for better efficiency. But for smaller businesses, purchasing quality software for their business processes is not affordable. Moreover, off-the-shelf software contains features that are often underutilized. Acquiring the right software also comes with additional costs. You need to It experts to ensure that everything runs smoothly.

Instead, you can outsource your IT requirements. Recent research by MIS Quarterly found that IT outsourcing significantly reduced operational costs, including non-IT expenditures. By outsourcing, you can access the necessary tools and technology without burning a hole in your pocket. Their experienced staff also take care of tech management and ensure your data is secure.

Your Employees Are Underutilized

For most businesses, employee compensations make up a large part of their total expenditure. But most companies don’t make full utilization of their workforce. According to Forbes, companies use only 40% of the talent and capabilities of their employees.

One of the reasons why employees are underutilized is the lack of work. For example, most real estate businesses won’t require a full-time accountant. Hiring one will be expensive considering the amount of accounting work required for your business.

A better option is to outsource temporary tasks to a third-party service provider. Depending on the tasks, you can hire them on a project-to-project basis. This can save you additional expenses as you will be only for the work done.

You Want To Be Ahead Of Your Competitors

According to Sprout Social, 1 in 3 people are willing to go to other companies if they are ignored. While having a huge client base is important, it is also essential to meet client expectations. If you lose clients, your competitors will gain an edge over your business. If you want to be ahead, consider outsourcing some of your business processes.

Handling a larger number of clients requires additional resources. Outsourcing companies can provide you with the right assistance. This can help in client retention and also increases business reputation.

Your Business Is Growing Fast

A fast-growing business is exciting but also comes with a higher workload. Hiring new employees every time your business makes an advancement isn’t feasible. This is when you should consider outsourcing.

Business calling is much easier with a third-party service provider. Outsourcing companies can meet your requirements, whether you want a team of 5 or 50. Before hiring an outsourcing company, you also need to decide the tasks you want to outsource. You can talk to your service provider to come up with an outsourcing strategy suiting your current and future business goals.

Outsourcing is a critical decision for every business. Though it requires some investments, the benefits often outweigh the costs. The right outsourcing partner can let you focus on business growth without worrying about other tasks.

Outsource Your Business Processes To KriyaGo

KriyaGo specializes in real estate business processes. We handle CAM reconciliations, lease abstractions, and back-office accounting. We understand your business requirements to suggest the right outsourcing strategy for you. Our team of skilled experts ensures continued support and also guides you on business improvement.

We also help our clients find the right technology for their business. By integrating popular real estate software like Procore, Yardi, and SAP Concur, we build software according to client requirements. Our software integrations improve business functionality and increase productivity. Our business strategies are unique to each client and ensure tailored results.

Looking for a reliable outsourcing partner? Reach out to KriyaGo!

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