Coordinating task management, communication, and business processes all together impacts workplace success, especially for Accounts Payable.
One of the major advantages of automation involves the improved coordination between AP and budgeting. Not only does AP rely on information from the company budget, the company budget also depends on data from AP.
Here are the basic building blocks, or ABCs, of an optimized AP process. Don’t worry if you’re not entirely familiar with AP yet! I’ll give a brief rundown before getting into my first ABC topic.
In these unprecedented times, as we all struggle to accept the new realities of the COVID-19 pandemic, grief is becoming ubiquitous. We are experiencing losses, small and great, personal and collective.
As the world slowly and tentatively starts to reopen, many of us are still staying home. Staying home means working remotely, and that means setting up our own work spaces. Some of us may be settling into home offices, others stealing a corner of a common room for a simple desk, and yet others getting creative with outdoor solutions. I’ve loved the chance to get some work done at the picnic table on our patio, but I’m finding that working in unusual spots has notably reduced my productivity. Fortunately, I’ve done some research, and I’ve compiled a list of seven strategies to streamline my work space and combat those challenges to productivity.
Your accounts payable department is responsible for vendor invoice processing, approval, and payment. Within these functions, there are several different workflows, and to manage these workflows effectively, you need to be equipped with practical ideas. This guide contains some nuggets of wisdom to help you manage your accounts payable workflows for better performance, increased operational efficiency, and a better bottom line.
“Accounts payable invoice matching” refers to the comparison of prices, quantities, terms, and other relevant information appearing on an invoice with the information on the purchase order (PO), the goods received note (GRN), and the acceptance or inspection documents. It is usually performed for goods and services ordered through a PO, and is one of the basic steps in invoice processing, necessary for an invoice to be deemed eligible for payment.
In automating your accounts payable processes, which steps can you take to make sure you get the best returns on your investment? What are the most effective strategies that will help your team get the most out of the automation tool you choose? What are the best practices to follow in implementing and using it?
Accounts payable is particularly a document-heavy department. Whether you’re dealing with vendors or upper management, there are usually tons of documents to process and approve, like vendor invoices, reports, purchase orders, and so on.