If you are in the construction sector, the biggest problem you may have faced in recent times is coping with growth. For Kiwi business owners one of the greatest frustrations with rapid expansion can be the accompanying rise in costs, particularly in administration. Costs that erode what should be an uplift in profit.
The key to successful growth is looking at ways to streamline administration as you grow, particularly in areas like accounting. With the right processes and tools in place, it’s possible for companies to grow quickly without requiring additional head-count.
In the accounts payable area Lentune specialise in, we have seen businesses double turnover without adding anyone to their accounts team. It’s all about accounts payable (AP) automation, which takes the waste out of processing of transactions between that you and your suppliers, and typically involves an application of specialised software.
Traditionally AP automation software has been the preserve of the select few, supplied for large licence costs by multinational companies, with little flexibility. Today, AP automation tools are within reach of almost any business. Software can be applied to ditch paper-based workflows, speed processing times and increase management visibility and control over the whole business.
As with any application of technology it must demonstrate a clear payoff. While the obvious place business owners look is labour saving on AP processing, the real gains are far deeper and more significant over time – from empowering your staff, to reducing risk to even valuing your business properly.
We’ve prepared a guide for Kiwi businesses wanting to consider streamlining their AP process that looks in depth at the potential benefits; and if you think AP automation is for you, what you need to consider to get started.
Download the guide Why the time is right to automate your accounts payable department.