Lakehead University: City of Hamilton Automated Payable System

This report examines the City of Hamilton's implementation of an automated accounts payable system, highlighting its efficiency and cost-effectiveness as a modern IT development in accounting and finance. The report details the transition to a paperless system, noting the environmental benefits, reduced mail influx, and improved invoice management. The procurement process for selecting a vendor is also mentioned, emphasizing the vendor's role in system maintenance. Furthermore, the report outlines the advantages of paperless systems, such as easier information handling, faster record tracking, and reduced office clutter, concluding that the City of Hamilton is already reaping the benefits of this initiative, showcasing its adoption by both businesses and government entities. Desklib provides access to this report and other solved assignments for students.

City of Hamilton: Automated Accounts Payable systems
STUDENT NAME
INSTITUTION

Introduction
 Automated Payables systems is a relatively new concept in accounting
 Automated payable system otherwise referred to as paperless payable is
efficient and cost effective
 The model does not use papers, which makes it environmental friendly
 It is one of the main IT developments in the field of accounting and
finance (Barnard et al., 2010)
 The city of Hamilton has already taken initiative to develop an automated
accounts payables system

Paperless Accounts Payable System
Implementation
 It can take an organization up to a year to implement a fully automated accounts
payables system
 As for the city of Hamilton, interested vendors were required to create a bidding
system
 The procurement department was assigned the role of going through the proposals
and identifying one that matches the city's requirements
 The vendor is also in charge of maintaining the system (Hamilton.ca, 2019)

Benefits of Paperless Systems
 The city of Hamilton now enjoys the benefit of an
environmental friendly accounting atmosphere
 The implementation of the system has also
reduced the influx of mails
 The system has also helped clear clutter
 Managing invoices and payments is now easier
and much faster in the city (Hamilton.ca, 2019).
 Efficient and faster payment of accounts payables,
which the city owes (Ghasemi et al., 2011).

Why Automated Accounts Payable Systems
 In a nutshell some benefits associated with the paperless accounting systems
include:
 Easy handling of information, fast tracking of records
 easy to share information within the entity, and reduction of clutter in offices
 The City of Hamilton now uses a paperless account system (Hamilton.ca, 2019)
 The initiative is relatively new, but the city is already enjoying the benefits
 This shows that the idea has not only been embraced in businesses, but by the
government as well (Ghasemi et al., 2011).

References
 Barnard, R. F., Cirulli, P. J., Flannery, K. J., Lanuti, C. J., & Murphy, J. M.
(2010). U.S. Patent No. 7,702,533. Washington, DC: U.S. Patent and Trademark
Office.
 Brown, G. T. (2011). U.S. Patent Application No. 12/910,999.
 Ghasemi, M., Shafeiepour, V., Aslani, M., & Barvayeh, E. (2011). The impact of
Information Technology (IT) on modern accounting systems. Procedia-Social
and Behavioral Sciences, 28, 112-116.