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If you’re short-staffed in an area like payroll, for instance, you can end up with problems that impact your company in significant ways. If you’re in finance, you may start falling behind on accountspayable or other critical tasks. When you’re short-staffed, tasks are bound to fall through the cracks.
For example, when a business purchases a new asset worth $1,000 on credit, the amount would be entered as a debit in the equipment (asset) account and a credit in the accountspayable (liability) account. A transaction is entered into an accounting record, typically in the ledger. Transaction.
Within this, basic accounting terms must be familiar to the hospital manager, such as accounts receivable (AR), which involves money owed to the organization. And finally, accountspayable (AP) refers to the amounts of money that need to be paid by the hospital to suppliers of goods or services. Contract management.
Many have used robotics or artificial intelligence to digitize and automate labor-intensive, repetitive tasks and processes such as purchasing, invoicing, accountspayable, and parts of customer service. Leading companies are already exploring the possibilities.
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