Strategies for Success in Accounts Payable
How well did your business and your accounts payable department respond to the COVID pandemic? If they responded well, odds are there was some sort of strategic plan for success in place. If things were a little harder, odds are there wasn’t much of a plan in place. But how can having strategies for success in accounts payable really make a difference when an unforeseen event occurs? And what other benefits does it provide?
First and foremost, having a strategic multi-year plan in place, specifically for accounts payable means that the AP department is focused on specific goals and knows what needs to be done to achieve those goals and to improve. This also means that the company is more likely to recognize the value of accounts payable and see the value they add to the company.
Additionally, by having set strategies for success in accounts payable, you recognize where improvements can be made and it is, therefore, easier to address pain points within the department. This could be anything from putting a system in place so that invoices can be accessed by the right people from anywhere to establishing how to take better advantage of discounts offered from suppliers.
Establishing a strategy for success for AP might be difficult to start, but by focusing on where you see the largest room for improvement, you’ll give yourself a better chance for success. From there, it’s easier to establish attainable goals to overcome pain points and improve processes to get your accounts payable department where it needs to be.
Of course, accounts payable automation is one of the best strategies for success in accounts payable. High-level automation can help expedite the invoicing process and simplify the work that needs to be done in your department. These strategies can quickly help your department become best-in-class and save you time and money. For more information, check out the recent report by Ardent Partners, or reach out to iPayables, a leader in best-in-class automation for enterprise companies.