Posted By Ash Conversions International
The accounts payable department in your organization is vital to your financial and operational success. Yet it can be prone to error and disorganization due to the number of tedious manual processes. Human error, lack of time and the misplacement of invoices are common occurrences that can be avoided if your AP process is streamlined. The next time you ask the AP department if an invoice has been paid, you won’t be met with silence or a frantic search through a filing cabinet. Instead, you’ll be met with a quick “yes” or “no.”
To streamline your accounts payable process, try these four tips:
Automate your systems: You may be using a quasi-automated system but still dealing with manual data entry or physical copies of purchase orders and invoices. There is no chance for human error with a fully automated AP system because you eliminate the possibility of double payments and data entry mistakes. You’ll also be maximizing productivity since the AP department will spend less time manually entering information. Plus, automated systems are more secure than traditional accounts payable methods.
Go Paperless: Engage a document management service provider to scan archival copies of invoices and purchase orders making them available for quick and easy retrieval. This will eliminate the need for hardcopy documents and filing cabinets while freeing up precious office space. Going forward, an Automated AP solution uses digital documents and data eliminating hardcopy and keeping your AP department paper-free making for a smoother process in the future. Instead of dealing with the headache of trying to locate an invoice from years ago in a sea of boxes and files, you can easily access that information in the automated system.
Accept electronic invoices: Now that you’ve automated your entire system, you need to let your vendors know that they can submit invoices digitally. This is important because you will not only be saving paper and valuable storage space, but it’ll be easier to archive invoices and purchase orders with the new automated system.
Train the whole department: Most automated accounts payable systems are so easy to use that you don’t even need a training session. However, that doesn’t mean you should forgo training altogether. When you have a new automated system you should ensure that the entire AP department knows how to properly use it. That way, if you need invoicing, purchase order or account information in the future, you can ask anyone in the department since they will each be well versed in the system.
By streamlining your accounts payable process, you can save time and money and eliminate human error. Please contact us for more information regarding our advanced AP solutions. With our automated systems you get an up-to-date accounts payable process without the headaches.