10 Signs Your AP Process Is Too Stressful
Working in accounts payable can be tedious and stressful, especially when period closings and audits roll around. It only gets more stressful when a company grows while using outdated, manual processes with redundant data entry, chasing signatures, stuffing envelopes, and relying on paper. Boosting efficiency in your AP process can take the strain off your accounting team's shoulders and enable them to scale with the growth while keeping overhead low.
10 Signs You Have Too Much Stress in Your AP Process
Whether you are outgrowing your current AP process or you have been struggling with it for years, if you are experiencing any of these symptoms, it may be time to destress your accounts payable department.
- Month-end closings are a perpetual headache wrought with errors and hiccups
- Inefficient, paper-based processing, going to file drawers to lookup historical invoices
- Invoice approval process always has you chasing down signatures
- Lost invoices are becoming too common
- Late payments are a common problem
- Still signing checks manually
- Your current process can't support new growth
- Uncertainty about payments fraud, security and audit traceability
- Too many exceptions and errors
- Lack of remote work capabilities
These types of complications are not only slowing down your entire accounting process, they can reduce staff morale and impact productivity. Luckily there are ways to improve!
If you are tired of shuffling paper, stuffing envelopes and chasing signatures, and you use Microsoft Dynamics GP or D365 Business Central, the case study below shows how a team like yours overcame their AP headaches.