With so many businesses and companies choosing paperless accounts, it is evident now that the only reason it is getting popular is that this version offers many benefits. The revenue and exposure of the company can be increased by switching to paperless accounts. This article reveals how choosing the QuickBooks in allowing the implementation of paperless accounts payable is a wise decision.
In the accounting world, QuickBooks Online provides a cost-effective, customizable and scalable software solution for Accounting.
Third-party applications can be leveraged by QuickBooks. A lot of features to manage the documents and Accounts Payable automation process can be found in the App Centre of QuickBooks.
Benefits of QuickBooks
Improved accuracy of data
The accounting records and information should be correct and precise. QuickBooks eliminates all types of keying errors and mistakes in each data point by the paperless Accounts Payable workflow.
Features are introduced by QuickBooks which increase the dependability and accuracy. These features are pre-populated data and SmartCoding.
Transparency of Accounts Payable
QuickBooks allows full visibility of the expenses and allows easy tracking of the Accounts Payable. Moreover, it also shows the things in progress which drastically improves the cash flow so that you can take better decisions. In progress, the supplier invoice totals are made visible prior to getting posted on QuickBooks.
By allowing this information to be accessible to the users, the forecast reports can be generated by seeing the committed expenses. This visible information enhances the cash flow and companies irrespective of the size will get benefits.
Electronic invoice approvals
It takes a lot of time and energy to get approval from supplier invoices and checking the costs especially when the business has various locations.
With the help of QuickBooks, the frauds and errors are eliminated along with a deduction in the budget expenditure. The advantage of the invoice approval workflow is obtained from the electronic capability.
Immediate access from all locations
By using the QuickBooks Online, better and improved access to the data files is given as compared to the desktop version. Nevertheless, the full Accounts Payable workflow can only be seen after the supplier invoices have been posted.
This applies to both versions. No matter which device is being used, the approvers and the accounting teams can monitor everything in a single location with the help of the Accounts Payable automation.
Benefits of transforming into a paperless office
- Paper takes up a lot of space which after digitizing is cleared especially the filing cabinets. The thing about paper is that it accumulates rapidly which makes it almost impossible to organize. Most industries especially the financial ones have regulations regarding the storing of paper documents for long periods of time. This means that paper cannot be thrown out for years. However, if the documents are digitized, this problem can be solved. It is better to store in the cloud rather than in the physical records archive.
- After the documents are compiled and stored using the document management software, they can be accessed anytime using any device by both clients and colleagues. Popular applications like Adobe Acrobat and Microsoft Office are also involved in managing the documents. All the files can be saved in the content management system with a simple click.
- Where the physical forms can get destroyed or misplaced, digital documents pose no such threats. It is hard to check the printing, access, and copying of some sensitive physical files as well. However, the introduction of security capabilities in document management software eliminates such issues. After setting up the granular access rights, the system administrators can permit for the visibility of documents at three levels of user level, document level, and system level. It is to note that the paperless method has more security benefits than accessing. The confidential information can be redacted, electronic signatures are set up and audit trails are created.
- When the process is improved to such a degree, it is obvious that money and expenditure will be saved as well. In a much lesser amount of time, a large bulk of paperwork can be processed as compared to a traditional office. Furthermore, no money is wasted on the printer, paper, ink office space for storage and postage. Employees are also freed from the responsibility of managing paperwork. The employees can in turn spend that time on regulatory audits and expense reimbursement instead.
Owing to all these perks and how QuickBooks has made the process of getting paperless office easier, it is time to be ahead in the game and move forward in the technological realm.