Process of Improving Accounts Payable
Let’s face it. The accounts payable department has never enjoyed a front-and-center existence. Rather than shining under the spotlight, it played its role quietly, behind the scenes.
Of course, this was never deserved. AP has always provided a vital function. It just didn’t, well, shine. That’s all changing, thanks to the latest developments in electronic invoicing. By utilizing AP automation solutions, AP is a rising star in the business world, making friends and influencing other departments like never before. Not to mention the positive attention it’s getting from outside vendors.
Here’s why.
Thanks to AP automation, the entire invoicing process has become streamlined from procurement to payment. Just as important, information about each and every invoice is available electronically to every person with an interest in that payment process.
The result: vendors not only send invoices and receive payment with the click of a button, they can follow what’s going on in real time. If there’s a problem, perhaps an error or some missing information causing a delay, it can be picked up and corrected right away. In other words, vendors have more control over what is going on, and as a result, they typically get paid much faster than ever before. Just as important, they feel valued by your company.
The relational benefits are even greater within your company. No more chasing around trying to get approvals from procuring departments. No trying to match up documents, no more duplicative data entry. No stepping on toes. Everything is compiled and available for retrieval from one place, and any authorized person within the company can access that data as needed.
The relationship between staff within your own AP department will improve, too. As the streamlined process makes it easier and less stressful to get the job done, the blame game stops. Tasks that heretofore were neglected can now be attended to. Personnel really start to see themselves as a team, working together toward the same goal.
Everything about AP automation is designed to make everyone’s life easier, from AP personnel to procuring departments to outside vendors. And here’s one more thing: your new, efficient AP department will save substantially, adding to the bottom line with a much cheaper procure-to pay-process, and by taking advantage of early pay discounts.