Impact of Paperless Accounts Payable System on Monstarlab

Abstract

With the trend of globalization and technology everything is changing. Nowadays technology is contributing to almost every area of business. Accounting is one of the most ancient practices in the world. With the effect of technology accounting system is becoming advance day by day. Especially, Accounting software which is making accounting system easier and more convenient to use. The accounting practices we see today is the product of continuous upgradation. Paperless accounting system is the process of processing an entire transaction electronically without involvement of paper, mainly upgrading into automation. The trend is to reduce errors, fast reporting, reducing the storage and increasing security. As MLES is a hub of the global accounting process of Monstarlab, there is no option but going digital and implementing an automated accounts payable system. Procure to Pay (PTP) department of Monstarlab is currently involved with Accounts payable process of MENA and EMEA entities. This study will identify the impact of the paperless accounting system at Monstarlab.