A recent family tragedy meant that a proCFO client’s bookkeeper needed to take a two-week leave of absence.
Not only was this a difficult time for the bookkeeper, this also presented a challenge for the client’s business.
The bookkeeper had sole responsibility for a very busy accounts payable function and simply could not afford to leave this function unattended. Nor could they afford the time or expense of finding a temporary bookkeeper to cover the absence.
Stressed and unaware of any alternative options, the client contacted us for help.
Today we share some insights into how a Virtual CFO can help you find the right accounts payable automation software. This will not only help you in difficult situations such as this but in everyday business accounting situations too.
We saved the business time
After speaking with our client, we completed research on various accounts payable automation software options to find the right one for them.
Within only 24 hours, we implemented a new software with a system which would reduce the business’s accounts payable processing time by twelve hours per week!
We saved the business money
Not only did we save the business time, we saved them money too.
According to our calculations, the reduction of twelve hours in processing time will effectively save the business over $30,000 per annum! Pretty astonishing, right?
This is just another reason why it is so valuable to have a Virtual CFO on your side.
How can accounts payable Software save you money?
There are many ways the right accounts payable automation software can save you money. The savings and options differ depending on your business, which accounting software you use and the way you approve invoices for payment.
In this instance, we implemented an Accounts Payable Software which scanned the supplier invoices through a processing engine, capturing the information necessary for upload to the client’s MYOB (accounting software) data file.
The software capabilities are so clever, that they extract and organise key information from your invoices and receipts. This saves hours of data entry time previously spent by the bookkeeper.
Which is the right Accounts Payable Software for you?
With so many different Accounts Payable Software options on the market, finding the right one for your business can be difficult, confusing and overwhelming.
Not only is a Virtual CFO an accounting expert, they understand the ins and outs of various accounting software, so they can help you choose the right one for you.
Let a Virtual CFO take the pain and guesswork out of it all for you. So you can keep your focus where it should be… on running your business.
Helping you find the right accounts payable automation software and saving you time and money. These are just some of the many ways a Virtual CFO can help you run your business efficiently and effectively.
About David Officen
David is the Founder and Managing Director of proCFO. David combines an accounting and consulting background with commercial experience both as a manager for large commercial businesses and as the owner of private and family businesses.