Out of all the webinars we’ve put together over the past few years, Accounts Payable is the most frequently requested. We understand the value you place on this topic, and that's why we’ve scheduled a webinar on June 6th at 11 AM.
We truly believe this will be a valuable use of your time and we look forward to your participation!
Here are some practical Accounts Payable best practices that you can start implementing right away:
Our first best practice is to consolidate data into a central repository, a method that has proven to reduce the number of monthly check runs and ensure invoices are prepared with matching paperwork and approval signatures.
Limit access and establish controls within AP processes. Grant specific employees access to master vendor files to better control which vendors are approved, oversee exactly where payments are going, and identify vendor data mistakes.
Prioritize invoices by due date and payment terms. Paying invoices immediately as they come in can hurt your real-time working cash flow, so processing should at least partially rely on the payment due date. Laserfiche Capture can capture this crucial information.
Utilize available technology to speed up processes, such as optical character recognition (OCR). Technology will help transactions flow properly and analyze and reduce human errors on a broader scale to facilitate the approval process.
Reduce verification and approval responsibility, keeping aging, payout, document assembly, and check printing with the AP department and only relying on CFOs or higher-ups to verify the invoice amounts and sign off on the checks. Technology with role-based security is critical here.
Set up a supplier portal to improve vendor interactions and relationships, organize data, and empower the vendors with all information in one spot.
Go paperless and digitize your invoice-to-pay workflow, reducing manual workload. AP processes should utilize OCR, artificial intelligence, and managed services to scale supplier relationships without increasing the AP department’s headcount.
