A well-designed workflow incorporates automation wisely to facilitate effective communication, organization, and productivity in any business process.
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.
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.
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.
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.
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.
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.
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.