May 22, 2024

Business Bib

Business & Finance Blog

Account Payable Trends In 2018 And How You Can Keep Up

3 min read

Managing multiple invoices both internally and on the customer side is much easier with a reliable accounts payable software. In our digital age, there have been many advances in technology that makes it easier to manage your finances through automation while saving money in the process. Make sure that you know how to take advantage of the data that you have in your system by keeping up with the trends in 2018. 

Knowing the Issues

The first step in seamless accounts payable management is by knowing the issues that you’re going to encounter regardless of the system that you use. If you manage your company’s finances manually, it’s possible that you make errors or oversights such as: 

Invoices that get lost or go missing during transfer of data

Inaccurate data due to errors in human input

Slow and redundant processes that takes time from other tasks

Lack of ability to integrate data into other systems that are too modern

Many businesses that use an accounts payable software may think that they’re already on the better side of things. However, there are still numerous issues that can arise from using an AP system that’s incompatible with the nature of the business. Here are some: 

Inability to convert the automatically generated data to paper format

Employees that don’t know how to use the software struggling to view or edit data 

Incorrectly incorporated software may cause data formatting errors that cause confusion

Outdated versions of AP management software plaguing output with bugs

Addressing the Issues

Nowadays, software is no longer restricted through installation on the client’s side. Companies depend on software as a service (SaaS) in order to let the developers of said software take care of the updates and fix compatibility issues. Though effective, there are still other ways to deploy a system without having to depend on a third party for support. 

Depending on the type of business that you have, operating within the limits of a software should never be needed. Employees that manage the financial data of a company should not feel restricted which is why they need features such as: 

Immediate access to data with the right permissions

Access to computations that make sense and templates that fit the business structure

Ability to convert data to a user-friendly spreadsheet

Ability to work with others on different sections seamlessly

Unrestricted manual override for automation errors made by the AI

New Challenges

Cryptocurrencies such as bitcoin present new challenges for many businesses. With the constant change of their value, there should be a way to differentiate currencies while also being able to integrate newer and more modern ones. A business that is open to adapting to the latest changes will have a head start especially in 2018. 

You need to be able to regulate your own finances laterally. The finance department should not have any issues when clearing invoices just because they’re of a currency that didn’t exist 20 years ago.

If you’re in the real estate business, an accounts payable software makes life so much easier. Want to find out why? Contact us today!