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Importance of Accounts Payable and Receivable for Online Businesses

 

With ongoing technological innovations supporting remote business operations, companies are considering continuing remote work or completely transitioning from brick-and-mortar to virtual business for the coming years.

 

Of the various tools required for successful online business, accounts payable (AP) and accounts receivable (AR) automation tool is essential for business-to-business (B2B) payments for continuous healthy growth momentum with a good cash flow.

 

Read More: How to Transition Your Business Online

 

Traditional B2B payments and receivables processes are impractical and risky for a virtual business. Plus, the extensive manual effort to process B2B payments and receivables is just a time-consuming process. Adding AP and AR automation software to your business tech stack enables virtual businesses to manage both payments and receivables effectively, efficiently, and remotely with security.

 

Go online with confidence in a secure B2B financial process.

 

A complete shift to online business means no more onsite supervision for different B2B transactions processed within a company. Maintaining the traditional AP and AR process despite the virtual transition increases the chance of internal fraud activities.

 

With AP and AR automation, the entire transaction processes are digitally recorded from beginning to end, adding a protection layer preventing fraudsters from attempting to manipulate the payments or receivable processes. Furthermore, a complete, readily available, and easily accessible audit trail makes it easy for internal audits to be conducted regularly with minimal disruption for the company. Precisely adopting an AP and AR tool allows businesses to handle payments and receivables from anywhere with confidence.

 

Focus on onboarding more customers.

 

Ultimately, the decision to transform the existing business into an online business all comes down to setting the goal to increase productivity to grow and scale the business with velocity. As part of the quest, with AP and AR automation, your business can eliminate wasted time on tedious manual finance processes and allow the company to achieve the goal by allocating saved time to onboard more customers to grow the business.

 

As a bonus, the AP and AR automation tool that provides payment approval workflow, especially with customization of approval tiers, will help streamline the entire payments process. Payments can be approved instantly and processed without additional supervision or delay in approval. Automating AP and AR will redefine B2B payments for your company as an easy, simple, and fast process.

 

What to look for in an AP and AR solution.

 

Identifying the right software for a business can be the most challenging task for a company as it’s crucial to find the right tool to onboard the team as it all comes down to cost and time.

 

To choose the right AP and AR solution for your business, make sure to use the list below as the checklist:

 

  • Workflow-driven
  • Auto reconciliation with accounting software
  • Automate recurring payments and receivables
  • Provides security to reduce fraud and risk

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Make the right AP & AR automation choice.

 

As payments and receivables are crucial for a business, automating both AP and AR is the key to success with minimal effort in maintaining a positive cash flow.

 

Unsure if AP and AR will help your business? Save time researching and start now with a 30-day free trial of Plooto, no credit card required.

 

About Plooto

 

Plooto is a cloud-based accounts payable and receivable solution that focuses on helping small and medium-sized businesses (SMBs), accountants, and bookkeepers to increase the speed of managing both payments and receivables to focus on scaling their business with velocity. Plooto offers different essential AP and AR features like online check payments, auto reconciliation with various accounting softwares, and payment approval workflow with customizable approval tiers.

 

start saving costs and time on managing payments and receivables with Plooto

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