3 Tips to Improve Accounts Payable Process

AS Team
Feb 08, 2023

Every business must maintain good supplier relationships to maintain an edge in the market. Procurement and supplier payment steps, like the accounts payable process, directly affect an organization’s reputation and relationship with its vendors. This makes good payment discipline and techniques necessary for a business to build trust and long-term relations with its suppliers.

Fast and transparent payment processes can result in cash discounts, better contracts, and benefits like allowing late payments in tough times. Continue reading to find the best practical tips to improve your AP process and streamline your existing workflow.

Reduce the Use of Paper

Many organizations still receive invoices in paper format, adding printing costs to the problem. They take up unnecessary storage space, cause delays in data retrieval, and increase the probability of late payments down the line. Paper invoices can also get delayed or misplaced before reaching your AP team.

Going digital for invoicing, storage, and approvals is the most practical way to streamline your AP workflow. Digital invoices streamline your payables, preventing errors, shortening payment times, and enabling you to build trust with your vendors. With digital invoices, you no longer have to worry about losing essential mail in the shuffle or securing an extra room to keep documents safe. You may also get early-payment discounts from vendors. By eliminating the endless paper trail, you can save time and office space and reduce printing costs as well as your carbon footprint.

Automate Your Accounts Payable Workflow

By incorporating dedicated software programs to streamline processes such as data gathering, data entry, and invoice approval, you can save time and allow employees to take over strategic work instead. For example, you can use e-invoicing to receive and record supplier invoices digitally rather than collating and submitting paper invoices. This will facilitate invoice retrieval as well. Accounts payable automation creates digital records, making it convenient for employees to deal with the documents remotely.

Additionally, you can automate your payment approval process and be notified in real time of what action is required to reduce processing time. These fast and error-free payments will translate into satisfied suppliers.

Compliance with expense policies and financial regulations is integral to any business’s functioning. With AP automation software, you can lower the potential for non-compliance by converting policies into simple code statements and integrating them as rules in the automation software that will automatically flag expenses violating your policies.

Organizing Data with a Supplier Portal

Supplier management is the key to the success of procurement operations. By setting up a supplier portal, you can keep invoices, KPIs, tax records, and payment details in one spot. This will also enable effective communication between both parties. You can also benefit from better supplier consolidation and rank your vendors systematically based on their offers, risks, reputation, and compliance with financial regulations and policies.

Additionally, supplier portals eliminate security threats and fraudulent claims by offering greater traceability and visibility. This facilitates straightforward communication and reveals mistakes or miscommunications early on. Vendor portals also provide suppliers with immediate insight into AP processes, reducing the need for manual emails and calls and allowing them to eliminate uncertainty and perform necessary tasks autonomously.

Endnote

Regardless of the size of your company, you must work on the efficiency of your Accounts Payable system to save your business time and money and establish good relations with your suppliers. Accuracy in vendor data maintenance and effective management of payment obligations is crucial for your cash flow. By streamlining AP, you can develop strong relationships with suppliers and avail of benefits for your business in the long run.

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3 Tips to Improve Accounts Payable Process

Reduce the Use of Paper

Automate Your Accounts Payable Workflow

Organizing Data with a Supplier Portal

Endnote

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