{"id":19980,"date":"2022-03-04T18:02:22","date_gmt":"2022-03-04T12:32:22","guid":{"rendered":"https:\/\/open.money\/blog\/?p=19980"},"modified":"2024-03-11T18:16:44","modified_gmt":"2024-03-11T12:46:44","slug":"automating-accounts-payable-for-better-business-growth","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/automating-accounts-payable-for-better-business-growth\/","title":{"rendered":"Automating Accounts Payable for Better Business Growth"},"content":{"rendered":"

Of late there has been a massive buzz around business automation.\u00a0<\/span><\/p>\n

So we thought of digging a little deeper to understand the <\/span>why <\/i><\/b>of it all!<\/span><\/p>\n

While we talk about automating various segments of a business, <\/span>automating business finances <\/b>holds primary importance. Financial service automation has become a business tailwind with a forecasted CAGR of 23.17%. To stay on top, businesses need to ensure that there are no liabilities on their books of accounts and also maintain healthy business relationships with their vendors and suppliers.<\/span><\/p>\n

In this blog, we are going to talk about managing a business\u2019 accounts payable to-the-dot. Based on the results derived from the <\/span>IOFM<\/span><\/a> (Institute of Finance and Management) survey, 84% of the typical accountant\u2019s time is wasted on manual activities. To unfold the actual problem, first let\u2019s look at what is accounts payable:\u00a0<\/span><\/p>\n

Accounts payable is the spectrum of payments that you owe to any service provider\/ vendor for your business.\u00a0<\/i><\/b><\/p><\/blockquote>\n

Therefore, streamlining and automating accounts payable favours your business relations fluently.\u00a0<\/span><\/p>\n

Now Let\u2019s Talk About the Real Hold Up!<\/b><\/span><\/h3>\n

We have studied some common challenges that businesses face while managing accounts payable:<\/span><\/p>\n