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6 Ways to Manage and Automate Your Accounts Payable

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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, think automated accounts payable. 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

  1. Avoid ErrorsAccounts 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.

BUSINESS

Why Gold Could be the Right Precious Metal to Hold

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Why Gold Could be the Right Precious Metal to Hold

When thinking about diversifying funds or thinking of more multiple streams of income, precious metals are an excellent way to invest in the financial system without the fear of it crashing.

They are chemically unique, physically rare, and easily moldable; precious metals have been used for money worldwide for thousands of years. While they can be pretty inconsistent, they historically store wealth very well over the long term. The perception built around it because of its scarcity is outstanding.

Questions to Ask Before Buying Precious Metal

There are certain things that investors should bear in mind before buying or investing in precious metals. If they do not have the correct information, they may fall into a loss or even be in the hands of the wrong dealers. 

It is essential to have a good knowledge of precious metals before stepping out to buy. Some of the questions that will guide them are;

Where is the Safest Place to Buy Precious Physical Metal?

The best place to buy precious physical metals is from an online dealer. The dealer must have a buy and store program with London Bullion Market Association-approved vaults. 

Taking material possessions of gold should only be in emergency cases as it is easier to find buyers for them when they are on a buy and store program. You can read more about this company that many people approve of for sourcing precious metals. 

What is the Best Way to Invest in Precious Metals?

There are two primary ways to invest in precious metals. One is buying physical metal such as bullion bars and bullion coins or investing in financial products like Gold exchange-traded funds. 

Purchasing the physical metal is a better option than investing in exchange-traded funds because they can have possession of the metal if the need arises. In exchange-traded funds, they do not have the right to physical gold.

Will I Buy Gold Bullion or Silver Bullion?

Gold has better investment advantages to most investors; it yields greater returns and more value in the liquid market than silver. On the other hand, Silver bullion is easier for small investors because the price is low.

Which is Better Between Bullion Bars and Bullion Coins?

Bullion coins are a better investment for most investors because they are easier to sell; investors can buy them reasonably and resell them with a good profit. 

On the other hand, Bullion bars are not very easy to sell, and the cost is higher than bullion coins. However, it is a better option for investors who buy large quantities of precious metals, as they will make a higher profit than with bullion coins.

Why is Gold a Precious Metal?

It is a precious metal because it is found in its pure state; it is a noble metal and can be manipulated differently. It does not react to acids or oxygen, which is why it does not lose its shine. It symbolizes strength, wealth, and beauty. Its scarcity also makes it valuable, and it can be molded into smaller pieces.

Why will Gold Always Be Valuable?

It will always be valuable because it has both social and psychological advantages. It has a special place with real and symbolic values for humanity; it serves for decoration and jewelry and has a high value in the financial market. Its scarcity also makes it valuable, and it serves as a store of value. You can check here for suggestions on how to decorate with gold.

Five Reasons to Own Gold

  • It is a currency worth its own because of its metallic content and because no government can control it except indirectly.
  • The gold is a haven of wealth that has been maintained for 5000 years; since metals are most appreciated in times of crisis and much safer than investing in bonds, stocks, or currencies, jewelry made from gold can also last till forever.
  • Excess currency creation, money supply, or liquidity expansion resulting in money printing causes a decrease in the purchasing power of paper money. But gold cannot be created out of thin air; it comes only out of its natural source and cannot be in excess, which makes it retain its value.
  • According to the World Gold Council, 153,000 tons of gold have been mined in history, and the remaining reserves do not exceed 60,000 tons. The problem is that 2,900 tons of it are mined year after year. The world’s gold will run out at this rate, and as it is finite, more investors will want to have it.
  • It is a sure wealth because it never crashes. Unlike stocks and bonds, their place cannot be compromised.

Is Gold a Valuable Precious Metal?

Yes, it is a good metal, no doubt; it has a chemical element whose atomic number is 79. It is a soft-colored precious metal. Its symbol is Au (from the Latin aurum, ‘bright dawn’). 

In addition, it is one of the most appreciated metals in jewelry for its physical properties. Having low alterability, being very moldable, malleable and shiny, and valued for its rarity, it is a metal that is difficult to find in nature.

Importance of Gold

Today’s society recognizes it as one of the most highly valued materials. Ancient civilizations have also appreciated it throughout history and have applied and used it in many relevant, everyday lives.

The intrinsic characteristics of metal, such as its color, shininess, usefulness, and high resistance, have made it a key and unavoidable component for societies and their economies. 

These unique properties, their relative scarcity in nature, and the increasing difficulty of their extraction have further enhanced their value. Its characteristics of durability, homogeneity, and problem to falsify made it a more than adequate good as a form of payment.

Final Thoughts

We have seen why gold is the best precious metal you should consider for investment. It is valuable now, and due to the psychological beliefs attached to it, we all think it will continue to be useful even in decades to come, and its long-lasting value makes it exceptional.

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BUSINESS

Explore the Impeccable Talent for Your Agency

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Explore the Impeccable Talent for Your Agency

Every agency needs impeccable talent to grow and rise. An excellent team of brilliant and talented staff makes up a great company. It’s the staff and team of a company or agency that helps it to climb the ladder of success and reach great heights in the professional sphere. At the same time, it is the key element of every successful company to have a great team full of excellent members that would help in making it reach the targets required for gaining success.

Without an efficient team, it is not possible for any agency or company to fulfill its promises of satisfying the clients and surpass their expectations. If you are looking for such great talents to hire for your company, keep reading further to know more about the best place where you can find such talent.

Satisfying the Client’s Expectations for a Great Team

While looking for fresh talent and experience might seem as the first priority for any organization, it is not always easy to find them. To help you resolve this issue, a good staffing agency comes to the rescue. A temporary staffing agency helps in getting your work done easily and more efficiently. The work of a staffing agency is to provide you with fresh and efficient team members which would enhance the efficiency of your organization and help it reach great professional heights.

A temporary staffing agency looks into the expectations of the client company and provides it with the required staff which is equally qualified and skilled and would help the company to grow, connect and reap great benefits. If you are looking for fresh and great talent for your business or organization, you need to find a good staffing agency that would cater to your needs and help you fulfill your expectations of forming a great team of skilled and qualified workers.

One such amazing and successful temporary staffing agency is the national award winner Scion Staffing San Francisco. The staffing agency has bagged numerous awards for their contribution in helping to find exceptional talent by identifying the right candidates based on your requirements and needs. Currently, the company provides candidates for placements in six divisions, namely- corporate, nonprofit, creative and marketing, Medical/healthcare, Information Technology (IT) and Executive Search.

The agency ensures you get hold of the best candidates and helps you in connecting with them to fulfill all your executive needs. The company has an expansive pool of fresh candidates who are tailored to work according to your needs and demands. In addition to that, it also helps in providing urgent staff requirements with the help of their temporary staffing associates. The entire team at Scion is dedicated to provide the best and most suitable candidates on both local and national level as per the needs of the client company. In order to ensure that you get hold of the best members for your team, the agency has highly professional and experienced recruiters with unmatchable resources and experience. The agency is well known for its long-lasting partnerships with their clients which makes them extremely trustworthy and reliable.

To Conclude

The crux of every company or organization is a well-defined team with members who are totally determined to help a company grow, connect with others and reach exponential growth. The process of recruiting such talented candidates might seem a tedious task a lot of times. Therefore, next time when you are looking out to hire candidates either for a temporary or permanent basis, make sure that you contact a good talent staffing agency with great temporary staffing associates to provide you with the highly skilled, experienced and qualified members who would positively add to the company’s performance and success. 

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BUSINESS

Product Sellers Not Using Image Clipping Service Needs to Get a Wake-Up Call

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Product Sellers Not Using Image Clipping Service Needs to Get a Wake-Up Call

We would assume that when things get done, it gets done the right way. However, it is not always the case. There are countless people who are selling their own or purchased retails consumer goods online that are doing it the wrong way to start with. The most important thing to do when selling consumer goods online is the images of the goods that you are selling. While it is common to send that a good image will attract the attention of the consumers, it really doesn’t appear that way when we see some images on retail platforms. Some images we see are so boring that it only takes a second for the visitors of the site to hit the browser back button to get out of that site. And some sites we visit, we see images are professional looking, image clipping service has been availed to give the image a sharp look, products showing clear outlines and various angles, all to the book. These are the products that get sold and others that are so boring gets left behind.

How Many Images Are Needed for a Specific Product?

That really depends and there is no golden rule. Some sellers post only one product image on their site. Depending on the product they are selling, it might be OK or not OK to put only one image for customer review. Some sellers post as many images as possible showing their consumers various different angles of the product so that they can make informed purchasing decisions.

Image editing cost also comes into play. Whatever it cost to edit one image by an image clipping service provider, it cost ten times more to get ten images edited. Also, the commercial photographer that offers their services to the product sellers will charge ten times to shoot ten products.

As you can see, increasing the number of images to help sell the product is not that easy. The shopping platform also needs to accommodate the images so there is a cost associated with that as well. It is therefore a budget issue that needs to be thought out at the very beginning of the product sale cycle. A business owner will need to figure out the budget and the image quantity requirement when it comes time to sell the product online.

How Much Does It Cost to Edit One Image?

Cost widely varies. It varies based on the person who is doing it, location the person resides, a quantity of images that need to get edited, frequency of editing and how often they are edited, etc.

A senior graphic designer living in the USA will charge a good $40 per hour or more for his services. So, to edit a single image that requires 30 minutes of work, he or she might charge $20 or might even charge $40 as a minimum charge. On the other hand, an offshore image clipping service provider offering bulk image clipping services will charge only a fraction of it. Often, the charge is less than a dollar per image editing or clipping and it goes up based on complexity. However, it typically doesn’t go above $3 per image edited.

It is important to figure out the image and quality requirement at the very beginning. If not, the entire marketing and sale will suffer.

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