An accurate and efficient Accounts Payable Process ensures timely payments, smooth flow of supplies and services, better long-term vendor relationships, and optimized cash flow for the business. Being an essential accounting function that is critical for the smooth running of the business, Accounts Payable Process has traditionally been a document-heavy process that also incurs higher costs for the businesses.
According to Goldman Sachs, businesses in North America spend more than $187 billion per year on invoice and payment processing. Even small to medium businesses had to shell out at least $22 to pay an invoice with a paper check. And all this without taking the manual data entry errors, security risks, and penalties that a traditional AP Process is generally known for. When taken all these elements into account, the total cost of manual Accounts Payable Process can run heavy especially for a real-estate business whose volume of transactions is higher than other businesses.
Impact of COVID-19 on Accounts Payable Process:
On top of all this, COVID-19 has practically slammed sudden brakes on the global economy sending all the businesses into disarray. Though the economy is slowly showing the signs of recuperation with the re-opening of businesses, the limited global lockdown measures in place have impacted the manual Accounts Payable Process of the real estate businesses.
Real estate businesses that heavily depend on a traditional Accounts Payable Process with manual invoice processing and workflows were drastically affected during this pandemic. And even few real estate businesses which employ automated Accounts Payable Process are also in need of Remote Accounts Payable Processes that blend perfectly with the remote workforce models that most businesses are adopting today.
In this blog here, we offer two solutions for both types of real estate businesses that are looking to simplify and boost the efficiency of their Accounts Payable Process during this pandemic.
Solution 1 – Automation of Accounts Payable Process for Real Estate Business
With large volume transactions, complex payment methods, volatile markets, and added rules and regulations, few businesses in the world are as dynamic and as a complex real estate business. Given all the heavy lifting is performed by the Accounts Payable Process, it is highly important to employ an accurate, efficient, and streamlined AP process for the smooth functioning of the businesses.
Manual invoice process, payments which often depend upon physically routing invoices, manual data entry, physical approvals, cutting checks, mailing payments are rendered obsolete in today’s world stricken by the pandemic. The manual AP process not only drastically raises the cost per invoice processing but also is prone to costly errors, delays, and reduction in productivity and most importantly makes it difficult to operate during this pandemic.
Cloud-based AP automation solutions integrate with the current accounting system and automate the manual and repetitive processes of data entry, invoice processing, and other marked-up workflows. An automated AP solution accelerates the entire process helping the accounting staff quickly route the pending invoices for approval, syncs them all into one common accounting system, and also seamlessly and securely executes the payments for you.
If you are a business owner or AP manager for a real estate looking to automate Accounts Payable Process we advise you to clearly map out your requirements and identify the inefficiencies in the current AP system and then choose the right cloud-based AP solution for your requirements.
Solution 2: Remote Accounts Payable Process for Real Estate Businesses:
The enforced lockdown during the pandemic and parallel economic downturn has critically impacted the global business and real estate is no exception. Though real estate businesses are slowly recuperating, they are posed with a challenge of running businesses remotely with a lower number of resources and without loss of productivity and efficiency.
And for small and medium real estate businesses are looking to get their AP work done with maximum efficiency at a lower cost, hiring Remote Accounts Payable Services is the best possible way available for the following reasons:
- Access to the best AP talent in the industry: Accounting firms like Back Office Accountants house the best Remote Accounts Payable Experts in the business and hiring us helps you access the best talent in the industry that perfectly sync with your requirements without loss of time.
- Flexible & cost effective: Being a Remote process, the entire work is location-independent giving you a lot of flexibility with no headaches of work-space allocation or on boarding. Firms can reach a payment model based on the work available and the total cost to the company is reduced without additional overhead costs.
3.Enhanced productivity: With the global economy at its weakest, small and medium real estate businesses have to adhere to lean workforce models to get the work done while actively focusing on business growth. Hiring Remote Accounts Payable Services helps your critical AP work done efficiently at less cost while taking the burden off your workforce improving the overall productivity of the business.
Automation is the first step for any real estate business to leverage technology for better efficiency and productivity. But given the current pandemic, most of the real estate businesses are on the look-out for Remote AP Services for the coveted benefits they offer. If you have already automated your AP process to your requirements, you can leverage the Remote Accounts Payable Process to further accelerate your growth during this pandemic.
Are you looking to automate your Accounts Payable Process or hire Remote Accounts Payable Services for real estate business? Having helped hundreds of businesses with their Accounts Payable Process, Back Office Accountants provides the Best Accounts Payable Services for Real Estate Businesses. You can contact us here: https://www.backofficeaccountants.com