Accounts Payable: Best Practices for Small Businesses
by Mynd Solution Mynd IntegratedA 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 107 times.