15 Tips For More Efficient Accounts Payable Workflow Management

Workflow management

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. Read more

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

A More Efficient Way to Manage  Your Accounts Payable Documents

Document management

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.

To work efficiently, you need to be able to manage these documents well. Otherwise you’ll be faced with a business process that holds you back instead of propelling you forward. 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

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

Top 5 Accounts Payable Processes to Automate

Top 5 Accounts Payable Processes

The main responsibility of accounts payable (AP) departments is to ensure all valid invoices from vendors are approved, processed, and paid.

That sounds pretty simple, doesn’t it?

Well, in practice, it’s not always so.

From arrival to payment, invoices often go through several processes depending on an organization’s business rules. These processes can be tasking, especially if the company has a whole slew of invoices to process. Read more

A Step-By-Step Guide To Automating Your Accounts Payable Processes

Step-by-Step Guide to Automating your Accounts Payable Processes

We’ve already given you 15 reasons why you should automate your accounts payable (AP) processes. It saves time, reduces costs, leaves your employees free to do the more-pressing tasks they need to tend to, and so on.

In today’s post, we’ll take you through the step-by-step process to go from a paper-based accounts payable invoice processing to a fully automated system. It’ll go off without a hitch once it’s set up, but first, let’s start with the basics. 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

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