Is This The Secret to Seamless Invoice Matching?

Invoice matching

“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. Read more

How To Save Your Accounts Payable Team From Late Payments Once And For All

Late Payments

Your organization’s accounts payable (AP) operations can have considerable impact on your overall success. This means you should follow modern business practices in order to make a mark and stay ahead.

One such practice is to pay your vendors accurately and on time. Late payments can result in a number of problems, including: Read more

The Shocking Truth About Manual Invoice Processing

Invoice processing

Are you still dependent upon a manual system to process your vendor invoices? If so, not only does it mean your system is obsolete, but you’re simultaneously putting yourself and your business in a disadvantaged position.

Here’s the truth about manual invoice processing: this outdated methodology has been found to have over 101 weaknesses, and all of them contribute to a shockingly poor invoice processing experience. Chances are that if you’re still processing your vendor invoices manually, you are encountering these classic problems and harming your productivity. Below are some of the drawbacks associated with manual invoice processing techniques, an explanation of how such techniques have been undermining your accounts payable (AP) processes, and why you need to ditch them ASAP. Read more

Track These 9 Accounts Payable Metrics To Optimize Your Invoice Processing

Accounts payable metrics

In automating your accounts payable (AP) processes, it’s essential that you track some key metrics. In this post, we’ll explain why this is important, which accounts payable metrics to track, and how to use each one to improve your invoice processing system.

In the end, you should be able to to straighten out your AP workflows and optimize your invoice processes considerably. Let’s get to it. Read more

7 Common Misconceptions About Workflow Automation

Accounts payable automation

There’s been a lot of talk lately about the power of workflow automation and what it can do for a business. However, some companies are reluctant to embrace this phenomenon.

Why would an innovative organization in the 21st century ignore a concept that’s easy to implement and yields tangible advantages? The answer has to do with common misconceptions and myths that have arisen over time. Read more

10 Ways Workflow Automation Cuts Invoice Processing Costs

Invoice processing

Have you ever wished you could cut back on your invoice processing costs without sacrificing efficiency and work quality? A study carried out in the United States showed that an average company spends as much as $25 pushing one invoice through a paper-based system. At the same time, half of all companies  take between five and 15 days to process a single invoice when they do so manually. Read more

Duplicate Payment? Here’s How To Never Pay The Same Invoice Twice

Duplicate payment

Duplicate payment is a major financial drains facing organizations today.

When you accidentally pay the same invoice twice, you’re of course tossing money away unnecessarily. This eats into your margins and  inhibits your company’s financial progress. Who could ever stand for that?

In its 2014 annual report, the US Government Accountability Office (GAO) disclosed that it was involved in preventing such improper payments of $124.7 billion within just 22 federal agencies. The report is government-specific, but it tells the same story for business. Read more

Is One Of These 7 Accounts Payable Mistakes Holding Your Business Back?

Accounts payable mistakes

Accounts payable invoice processing may not be the most exciting task in the world, but it remains an essential one for every organization that wants to pay its vendors.

Without managing your accounts payable (AP) methodology effectively, you can too easily lose value on your team’s effort, mistakenly cost the company literal money, or even damage your professional relationships. Read more

Team Management Tips for CFOs: How to Get Your Accounts Payable Team to Work Together More Efficiently

Team

Getting a team to work together efficiently can prove a challenge, especially if the team’s task is no fun and no one wants to finish it.

An inefficient team can cause unnecessary waste, missed delivery dates, and lots of unnecessary stress.

As a CFO who knows that invoice processing is hardly a fun task, how can you get your accounts payable (AP) team to work together productively, make the best use of their resources, and deliver quality results more quickly? Read more

5 Warning Signs That You’re Using An Inferior Invoice Processing System

Warning Sign

If you make regular purchases to facilitate running your business, chances are you have some vendors you have to pay.

You need an invoice processing system to pay your vendors efficiently.

“Invoice processing system” refers to everything that goes into the processing of invoices — the human input, the tools, and the process that takes you from capture to payment. Read more