Why should businesses automate their accounts payable?
While providing a seamless experience for customers has always been the top priority of most enterprises, maintaining a good relationship with suppliers is equally important for growth.
Maintaining a good relationship with your suppliers reflects trust in the partnership. Keeping this bond requires properly communicating both parties’ expectations, especially if an issue arises and needs an immediate response. Providing lead time for your orders, as discussed, also gives an impression that you respect the supplier’s terms and conditions in preparing bulk items.
Most importantly, paying promptly reflects that you are a valuable customer.
Establishing these is crucial to ensure your business only gets the best and most reliable products at reasonable costs, making working in the market more delightful for you and your customers.
However, late invoice payment problems can spoil the relationship, especially if it is recurring. Everyone’s targeting to have a positive cash flow, and delays in payments can cause unnecessary stress for suppliers.
A business may have enough funds to settle the payment, but because it utilizes paper invoices, it might take a while before the supplier could receive its money since the document would require approvals from different departments. This may result in failing to meet the deadline for payment, subsequently damaging your enterprise’s reputation.
But days are gone when businesses or organizations have to rely solely on paper invoicing or the manual processing of billings.
Fortunately, digital solutions are now available to equip businesses and improve their processes. A workflow management system, for instance, can help businesses automate their workflow and avoid negligence in issuing invoices.
Monstarlab Philippines’ Attaché Docs can help businesses avoid frustrating scenarios stemming from manual interventions and ensure their reputation is intact while going paperless.
With Attaché Docs, businesses can deploy an automated workflow, including creating an organized sequence of processes, where everyone is well informed about the progress.
Attaché Docs has easy-to-use features for better filing of office in-house documents and easy creation of forms while allowing employees to track required tasks, whether at the office or working remotely. Tapping its digital tool ensures no late payments will be made because of misplaced documents or delayed approvals.
Get your hands on what the Attaché Docs can offer to enhance your business relationship with suppliers. Schedule a demo with the team now.