6 Ways to Manage and Automate Your Accounts Payable
From providing timely payment approvals to policy compliance assurance, accounts payable includes this and a lot more. There comes a saturation point where it becomes tedious for organizations to process these tasks manually. Lack of control over accounts payable can leave a business with insufficient cash and poor liquidity.
To overcome these issues, you can invest in an automated accounts payable system that increases the productivity of your business. In this article, we’ll discuss how to best control your accounts payable, but before that, let’s understand the difference between manual and automated accounts payable.
Manual Accounts Payable
Manual management of accounts payable is prone to error and time-consuming. The system can overload with an increase in volume, leading to invoice matching errors, compliance issues, or month-end accounts closure errors.
But how does it work? Well, to begin with, the finance department receives the invoice for any goods or services. Upon verification and confirmation, the invoice is approved by the payment department. The next step includes manual typing of all the invoices into the accounting file long with a physical copy. The payment is processed after the completion of the above steps.
Since everything is done manually, there’s a chance of error, which can further delay the payment process. If a manual error occurs in any of the above-mentioned processes, there can be a huge delay in the payment process and it can harm the relationship between vendor and buyer.
Automated Accounts Payable
If you are looking for a process that is time-saving, cheaper, accurate, and efficient, consider investing in ERP accounting software. The automated system automates invoice matching, minimizes the payment cycle, manages the financial policies, controls the payment approvals, and stores the data safely. Plus, the entire process is paperless, which is good for the environment too.
The process? Once the system receives the invoice, a check begins for each item and purchase order to eliminates any error. The system can also set up automated emails for pending approval, delayed payment, and more.
6 Ways to Manage and Automate Your Accounts Payable
- Avoid Errors – Accounts payable automation reduces the error during money transfers and avoids theft. For instance, the one-time setup of recurring payments requires more than one person to authorize a payment, email, or other notification.
- Repetitive Tasks Automation – Accounts payable includes repetitive tasks like purchase approval and invoice payments, which are tedious and time-consuming. Automation allows you to set up email alerts for invoice matching, pending approval, payment processing, etc. It increases productivity and gives your employees enough time to focus on more crucial tasks.
- Ease of Communication – The automated system includes a vendor portal that allows your vendor to send in and track the quote rather than sending overlooked emails. It enhances the communication between the vendor and purchasing team and helps receive automated payments.
- Audit Tracks – Once the purchase orders are processed, the system generates complete transaction details, where everything is recorded precisely. The system offers easy access to complete accounts and spending records.
- Automatic Settlements – A purchase order established via an automated system, delivery of the products, and payments – all of these can easily be mapped against the invoice received.
- Business Payment Automation – A transaction ID is generated when payment is processed, and the accounts payable software track the invoice for real-time matching.
AP automation boosts productivity, streamlines processes, manages the budget spend, enhances communication, accelerates invoice processing, and reduces overall risks. The tool is fast, seamless, and a great investment for businesses in the long run.
Have you thought of integrating AP automation into your business? Tell us in the comments below.
Khalil ur Rehman is a proud born and raised in Abbottabad. Khalil has worked as a journalist for nearly a decade having contributed to several large publications including the Yahoo News and The Verge. As a journalist for The Hear Up, Khalil covers climate and science news. [email protected]
quantum wormholes United Kingdom has potentially figured out
Vice reports that a physicist working at the University of Bristol in the UK has potentially discovered quantum wormholes. Researcher Hatim Salih has proposed an experiment that makes a type of teleportation called “counter-transportation” realistically feasible. However, this isn’t exactly the Star Trek transporter many sci-fi fans have dreamed of over the years. Here’s everything you need to know about Salih’s quantum wormhole experiment.
Salih’s quantum wormhole is a huge scientific breakthrough.
The general theory of relativity of the famous scientist Albert Einstein affirms that hypothetical “bridges” are possible between two points in space-time. However, since 1935, when Einstein presented his theory, the existence of wormholes has been purely hypothetical. However, Salih’s experiment paves the potential way to achieve the longstanding goal of traversing a rift in space-time.
Counterportation comes from “counterfactual” and “transportation” and while similar to teleportation, the two terms are not synonymous. “Counterportation gives you the end goal of recreating an object in space,” Salih said. “[B] but we can make sure nothing happened.”
Although unfortunately, for Salih to achieve true counterportation, they’ll have to wait a few years. The quantum computers necessary to perform the task don’t exist yet in 2023. “If counterportation is to be realized, an entirely new type of quantum computer has to be built,” Salih said. However, development is underway, and Salih hopes to complete it in three to four years.
Wormholes are a classic trope of science fiction in popular media, if only because they provide such a handy futuristic plot device to avoid the issue of violating relativity with faster-than-light travel. In reality, they are purely theoretical. Unlike black holes—also once thought to be purely theoretical—no evidence for an actual wormhole has ever been found, although they are fascinating from an abstract theoretical physics perceptive. You might be forgiven for thinking that undiscovered status had changed if you only read the headlines this week announcing that physicists had used a quantum computer to make a wormhole, reporting on a new paper published in Nature.
Let’s set the record straight right away: This isn’t a bona fide traversable wormhole—i.e., a bridge between two regions of spacetime connecting the mouth of one black hole to another, through which a physical object can pass—in any real, physical sense. “There’s a difference between something being possible in principle and possible in reality,” co-author Joseph Lykken of Fermilab said during a media briefing this week. “So don’t hold your breath about sending your dog through a wormhole.” But it’s still a pretty clever, nifty experiment in its own right that provides a tantalizing proof of principle to the kinds of quantum-scale physics experiments that might be possible as quantum computers continue to improve.
“It’s not the real thing; it’s not even close to the real thing; it’s barely even a simulation of something-not-close-to-the-real-thing,” physicist Matt Strassler wrote on his blog. “Could this method lead to a simulation of a real wormhole someday? Maybe in the distant future. Could it lead to making a real wormhole? Never. Don’t get me wrong. What they did is pretty cool! But the hype in the press?
The success of this experiment could change the field of physics forever.
Additionally, Salih posits that this work is tantamount to the particle acceleration work at the European Organisation for Nuclear Research (CERN). “This work will be in the spirit of the multi-billion ventures that exist to witness new physical phenomena,” Salih said. “[…] But at a fraction of the resources.”
The ultimate goal of the quantum wormhole experiment is to “explore fundamental questions about the universe,” Salih says. And if successful, the experiment could allow scientists to research “higher dimensions.”
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