Empowering Small Businesses: Simplifying Accounts Payable with MakersHub

When running a small business, every minute counts, and every penny matters. For many small business owners, managing accounts payable can feel like navigating a labyrinth of invoices, payments, and approvals. There is a way to simplify this process, reduce manual labor, and increase accuracy. Enter MakersHub – the game-changer in accounts payable automation.

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The Challenge of Accounts Payable

Accounts payable is critical for every business: ensuring suppliers and vendors are paid on time and that financial records are accurate. However, for small businesses, the AP process can be particularly cumbersome:

• Manual Data Entry: Time-consuming and prone to errors. Small businesses often rely on staff to manually input invoice data, which can lead to mistakes and consume significant amounts of time better spent on strategic activities.
• Invoice Overload: Managing numerous invoices can be overwhelming. As your business grows, so does the volume of invoices. Without an efficient system, keeping track of them can become a monumental task.
• Approval Bottlenecks: Delays in approvals can stall payments. In a busy office, getting timely approvals from the necessary personnel can be difficult, leading to late payments and strained vendor relationships.

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Rising Labor Costs

In addition to these challenges, rising labor costs are a significant concern for small businesses. Increasing wages and competitive salaries for skilled workers can strain budgets. Paying staff to handle repetitive and mundane tasks like data entry is not cost-effective, especially when their skills could be utilized in more value-added activities.

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Impact of Employee Turnover

Employee turnover presents another critical challenge. When a key AP staff member leaves, the business not only loses valuable knowledge and experience but also faces the following impacts:

• Training New Employees: Onboarding and training new employees in the AP process is time-consuming and costly. A new hire can take weeks or even months to become fully proficient, during which time productivity can suffer.
• Knowledge Gaps: Departing employees take with them their understanding of the business’s specific AP processes and vendor relationships, leading to potential disruptions and inefficiencies.
• Increased Errors: New employees are more likely to make mistakes as they learn the ropes, which can lead to payment delays and financial inaccuracies.

These challenges not only eat into valuable time but also expose businesses to risks like late payments, financial inaccuracies, and increased operational costs. The need for a more efficient, streamlined, and error-free accounts payable process is evident.

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MakersHub: The Ultimate Solution

MakersHub is here to transform how small businesses handle accounts payable. Leveraging advanced technologies like Computer Vision and Artificial Intelligence (AI), MakersHub streamlines the entire AP process and offers tools designed to empower small businesses.

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Key Features of MakersHub

1. Automated Data Entry
   • Say goodbye to manual entry! MakersHub’s WiseVision OCR technology accurately captures invoice data and seamlessly integrates it into QuickBooks.
2. Invoice Management
   • Easily track, manage, and search invoices. With MakersHub, you can handle a high volume of invoices without breaking a sweat.
3. Streamlined Approval Workflows
   • Customize approval flows to ensure timely payments. Notifications and reminders keep the process moving smoothly.
4. Seamless Integration with QuickBooks
   • MakersHub integrates effortlessly with QuickBooks, ensuring your financial data is always up-to-date and accurate.
5. Secure Payments
   • Facilitate payments directly through the platform, ensuring security and compliance.

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Benefits for Small Businesses

By simplifying accounts payable, MakersHub provides small businesses with several key benefits:

• Time Savings: Reduce the hours spent on manual data entry and chasing approvals. With MakersHub, the tedious and error-prone process of manual entry becomes a thing of the past, freeing up your team to focus on more strategic activities.
• Increased Accuracy: Minimize errors and ensure accurate financial records. Automated data capture and processing ensure that your financial records are precise and up-to-date, reducing the risk of costly mistakes.
• Improved Cash Flow Management: Ensure timely payments and maintain good vendor relationships. With automated workflows and timely notifications, you can ensure that payments are processed promptly, avoiding late fees and maintaining positive vendor relationships.
• Scalability: As your business grows, MakersHub scales with you, handling increasing invoice volumes with ease. Whether you’re processing a handful of invoices or hundreds, MakersHub’s robust platform can manage the workload without breaking a sweat.
• Peace of Mind: Focus on what you do best – running your business – while MakersHub takes care of your accounts payable. Knowing that your AP process is streamlined and efficient allows you to concentrate on other critical aspects of your business.

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Training the Product, Not the Employee

One of the standout benefits of MakersHub is the ease of training the product rather than the employee. This approach simplifies the onboarding process and offers several advantages:

• Consistent Performance: Once configured, MakersHub consistently handles AP tasks according to your business’s needs, reducing the variability with new or temporary staff.
• Reduced Training Time: Instead of spending weeks or months training new employees on complex AP processes, you only need to train them on how to use MakersHub. This significantly shortens the learning curve, allowing new hires to become productive faster.
• Minimized Turnover Impact: When an employee leaves, there’s no need to worry about losing critical process knowledge. MakersHub retains the AP workflow settings, ensuring continuity and reducing the disruption caused by staff turnover.
• Focus on Critical Tasks: By automating routine AP tasks, your employees can focus on more crucial and value-added activities. This shift boosts productivity and enhances job satisfaction, as employees spend less time on mundane tasks and more time on strategic initiatives.

With MakersHub, you invest in a software solution and a smarter way to manage your business’s accounts payable. This innovative approach empowers your team to work more efficiently and effectively, driving your business forward.

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Real Stories, Real Impact

Consider the journey of Cahill Construction, a company managing millions in project dollars annually. Before using MakersHub, their accounts payable team was bogged down with manual data entry, taking six days each month to process invoices. The laborious process included receiving bills, entering data into spreadsheets, and re-entering it into QuickBooks. This not only consumed valuable time but also created room for errors.

With MakersHub, Cahill Construction has transformed its AP process, eliminating 64 hours of manual data entry each month. The implementation of MakersHub’s Smart Data Capture and Approval Flows allowed them to:

• Automate Data Entry: Extract and contextualize relevant data fields from bills and receipts in seconds.
• Improve Accuracy and Efficiency: Reduce the need for manual input, minimize errors, and free up employees to focus on strategic tasks.
• Enhance Real-Time Tracking: Provide project managers with up-to-date cost insights, enabling timely decision-making.
• Avoid Additional Hiring: Streamline processes to the extent that hiring extra administrative staff is unnecessary.

Trey Cahill, President of Cahill Construction, praised the solution, noting, “We had built our own system from the ground up for approvals and AP, but MakersHub is infinitely better.”

Grace Koehler, Director of HR and Finance, also shared her satisfaction, stating, “Thanks to MakersHub, I now have time to focus on the more meaningful roles of Accounting.” This real-time cost tracking and enhanced collaboration have led to more accurate profitability reports and a better feedback loop for project estimators, benefiting Cahill Construction’s operations and client satisfaction.

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Getting Started with MakersHub

Ready to take the leap towards a more efficient accounts payable process? Getting started with MakersHub is simple:

1. Sign Up: Visit our website and sign up for a free trial.
2. Integrate: Connect MakersHub with your QuickBooks account.
3. Automate: Start automating your accounts payable and experience the difference.

Empowering small businesses is at the heart of what we do at MakersHub. By simplifying accounts payable, we help you save time, reduce errors, and improve financial management. Join the growing number of small businesses transforming their AP process with MakersHub. Your journey to a more efficient, streamlined, and empowered business starts here.

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