Accounts Payable: Best Practices for Small Businesses

A dedicated accounts payable department gives any small business a boost in its cash management system. Since, cash cycle is a vital component that drives business decisions and scale of operations in small –scale businesses, it is essential that such organizations ensure savings and smooth cash flow at all stages. MYND’s automated account payable management services add the following values to a small scale business. 1. AI systems standardize processes, making them quick and transparent. It gives the management better control over operations and business decisions. Secondly, MYND’s solutions for SLA based payments and TAT with flexible and automated processes result in improved efficiency of individual business operations, and also in overall operations. Thirdly, AI technology results in additional savings from a variable transaction fee model and also leads to savings on overhead.

Advanced accounting and bookkeeping services deployed for small businesses make payments smooth and effortless. In order to grow, a small scale business needs to fulfil commitments made to its vendors, customers and stakeholders. Automated accounts payable process helps the organisations keep up with their commitments. Because the automated system speeds up business processes, small businesses can anticipate making commitments for quick delivery, quoting lower costs to clients and gaining a competitive advantage in their niche, and bringing accuracy to operations, including internal communication. The fact that AI processes follow predefined sets of instructions, it eliminates likely causes of loss of time and labor.

MYND solutions offers customized accounts payable management software that is capable of delivering end- to-end accounts payable tasks. Such software includes provisions for vendors, different departments of the organization, clients, units of sales and distribution, and more. If a small scale organization wishes to deploy partially automated accounts payable solutions, MYND has provisions for that too! MYND offers the following – 60% to 70% automated processes for source/input, 90% automated processes for processing, 70% automated processes for record keeping, etc.

MYND’s PEARL is an AI- powered software that helps organizations in streamlining business processes. A few features of PEARL are – digitalization of entire processes, making processes more agile by boosting mobility, and making approval processes involving multiple levels of hierarchy smoother, faster, and easier. PEARL also leads to tracking and optimization of sales, tracking of manufactured batches, or batches of services delivered, distribution network, invoice- related processes, optimization of data processing, on- time payments to vendors, and more. Since small organizations often possess less than adequate resources, they can switch over to automation in the account payable system and allocate the manpower to some other department. This practice will further bring down the operational cost. It will also help the small scale business to identify bottlenecks beforehand, deliver core services more efficiently, meet commitments related to delivery and quality and most importantly, generate more returns over a course of time. Automated accounting and bookkeeping services accelerates the following functions- monitoring of cash flow, matching of bank statements with organization’s internal statements, keeping vendors and suppliers informed, reducing the risk of missing payments by initiating automatic payment, acquiring insights on real time basis, enhancing scalability, cutting down risks of fraud and mistakes as happens due to duplicity of bills, problems in payment, bank fraud, inconsistency in documents, keeping documentations up- to- date, reviewing bills and payment related documents on a regular basis, tracking invoices, defining and closing terms of payments with multiple third party vendors, and above all, setting up a system. Automation detects any case of incomplete bills or invoice immediately without hassles in the long run. Popularity of PEARL affirms MYND’s success as a preferred software developer and provider in India.

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Created on Feb 28th 2023 07:32. Viewed 106 times.

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