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How Can You Get Rid of Paper-Intensive Accounts Payable Processes?

Last updated: 29 Jan, 2020 By | 6 Minutes Read

As companies consistently look for solutions to increase savings to their bottom line and ascertain process efficiencies across the business, outsourcing non-core service areas, like low-value tasks in the accounts payable processes, is an incredible option to target. Accounts Payable is certainly one such aspect that adds itself perfectly to outsourcing.

Accounts payable outsourcing definitely will re-define manual, paper-intensive AP services into a completely automated process. By outsourcing and automating AP tasks, a large number of companies are transforming their cost burden into a plus point which includes minimizing costs, leveraging superior expertise and providing increased business value.

There are numerous advantages attained by means of Accounts Payable Outsourcing such as:

1. Decreasing Costs

Businesses spend a significant amount of money on a yearly basis to process invoices. Outsourcing helps in decreasing accounts payable expenses to as much as 50% or even more without any capital investments.

2. Maximize Competencies and Assets

Businesses that outsource accounts payable services are able to take advantage of the large pool of experienced talent and the most up-to-date software and technology that you might not bear in-house to build up business operations.

3. Improved Document Management and Real-time Accessibility

With accounts payable outsourcing, just about all statements are handled digitally and can be looked at any time they are required. When information is stored digitally, businesses can work a lot more proficiently and smoothly.

Furthermore, invoices which are web-based are quicker to handle and process particularly for remote approvers.

4. Boost Productivity

Our team at Cogneesol observed that businesses which use outsourcing, are able to process invoices about 59% quicker as compared to other businesses that do not outsource. Moreover, we are all aware that paper is the enemy of any accounts payable division.

Studies reveal that getting rid of paper boosts performance and brings in financial benefits. AP outsourcing is among the most rewarding methods to do away with paper.

5. Increased Focus on Business

Automating operations and lowering administration work, enables employees as well as management to focus more on other aspects, precisely associated with the fortifying the business.

By outsourcing the lower-value services of AP, companies have a lot more time and energy to pay attention to their core business plan. This is certainly a smart business.

To find out more about AP outsourcing and how it could prove beneficial for your business, get in touch with the outsourced accounting specialists at Cogneesol. We are available 24*7 for any kind of assistance.

Also Read: 

Boost Your Bottom Line by Outsourcing Accounts Payable

Methodologies to Handle Accounts Payable & Receivable Process For Better Cash Flow Management

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