How to Enhance Your Accounts Payable Processing Strategy

Accounts payable processing is an everyday activity for your financial organization. Relying on manual AP processing is not only full of drawbacks, but it inundates staff with slow, time-consuming and inefficient processes.

The fact of the matter is that accounts payable has a big impact on your organization’s financial health and a subpar AP processing strategy just isn’t going to cut it.

3 Things You Can Do to Improve Accounts Payable Processing

Contemplating a complete overhaul of your accounts payable strategy? Not so fast. Instead of completely changing your current AP processes, you may only need to make a few adjustments. With a few common sense changes, you can streamline practices and immediately improve your accounts payable processing workflow.

  1. Start accepting and distributing electronic invoices. The quicker you get rid of paper-based invoices, the better. Touchless invoice processing reduces operational costs, and minimizes the number of keying errors that regularly occur during manual invoice processing. Electronic invoice delivery also enables faster payment, reducing Days Sales Outstanding (DSO) cycle time and improving cash flow.

  2. Take advantage of self-service portals. You value your relationships with suppliers and vendors, but invoices and billing can cause friction and frustration on both ends. To avoid disputes and enhance supplier relationships, consider leveraging a web portal with a self-service function. Suppliers and vendors can securely log on to view invoices, manage early payment discounts and submit inquiries.

  3. Generate reports that touch on key performance analytics. How can you expect to continuously improve your accounts payable processing strategy without knowing what’s working and what isn’t? It’s important to start generating reports that give you real-time visibility into the financial health of your organization. Specific metrics to consider focusing on include cash flow, accruals and liability to suppliers. Insights gleaned from these reports help you make better, more informed decisions.

Better Accounts Payable Processing at Your Fingertips

To really improve your accounts payable strategy, you need a comprehensive platform that combines automation, reporting and user-friendly web portals.

Say hello to PAYBOX® AP.

A cloud-based platform for accounts payable and procure-to-pay processes, PAYBOX® AP streamlines complex processes through a secure, scalable and compliant solution. When you choose PAYBOX® AP, you’re getting:

  • Electronic invoice receipt and validation
  • Self-service supplier and vendor portals
  • Simplified dispute resolution and discount management capabilities
  • Robust reports

Your accounts payable processing strategy is about to get a whole lot better. To learn more about the organizational advantages of PAYBOX® AP, contact us today.

AP Strategies