What are three Life Hacks for Accounts Payable?

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What are three Life Hacks for Accounts Payable?

CFO Tech Outlook | Monday, November 18, 2019

In the finance industry broken accounts payable process leads to delayed invoice approvals and vendor payments, there are some hacks which can prevent the companies from such issues.

FREMONT, CA: The impacts of a manual or broken accounts payable procedure extend beyond lengthy invoice approvals and delayed vendor payments. In fact, it influences numerous pieces of the association, making the everyday work life agonizing from multiple points of view.

Accounts Payable (AP's) enduring is significantly more than just resource overwhelming, manual tasks. More importantly, without an advanced and automated procedure, they lack visibility of the method and battle to assemble the information they need to close the books per month.

Finance Technology

Here are some accounts payable hacks that will make your day-to-day process so much better:

1. Own your numbers

If a modern AP Automation tool supports the AP process, the user will experience several quick wins. These will happen almost regardless of which solution you chose to support your process and should be considered the very basics of AP invoice automation success. If the users have all invoices in the workflow tracked by a system, the information they need to complete the month close procedure will be available in ready-to-use reports at a click of a button. Cash forecasting will be improved by the capability to predict upcoming payments even for invoices that are currently in process and not yet in the ERP system.

2. Dig into the details for ultimate control

To enhance life, one should go beyond the first (baby) steps of AP invoice automation, such as e-invoicing and transferring manual tasks into a digital workflow. Small changes in the automation configuration can make a significant variation for the organization.

3. Don't do it

“The most efficient way to do a task is not doing it,” according to the above quote, if something can be done automatically, then one should automate it rather than spending resources on performing the same task over and over again. Now IT systems have been unfriendly to users and have sometimes even made life harder rather than more accessible for the people executing the process.

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