How To Improve Your Accounts Payable Efficiencies

By Updating Your Technologies And Processes

Unless you've been living under a rock for the past few decades, you're likely utilizing technology to improve your business processes. Yet, time and again, we find that many business owners either overlook or simply don't understand how to extend new technologies to their accounting department - specifically involving the accounts payable process.

But, if you are still cutting paper checks - or using paper at all - or find yourself constantly mired in an approval process and missing due dates, your accounts payable process likely needs improvement.

Streamline Your Accounts Payable Workflow

Accept the concept that you should go completely paperless with your accounts payable. New systems, such as the one offered by Bill.com, are available to help you upload bills and paperwork, automating your entire workflow. These systems take over everything from managing payment due dates to monitoring and updating cash flow projections.

Automated reminders are available to keep your payments on time, saving you on costly late fees and managing discount or reduced rate deadlines. The opportunity for human error or oversight is virtually eliminated with an automated accounting reminder system.

Fast Track Your Accounts Payable Approval Process

If you're constantly missing payment due dates because of an outdated, paper-based approval process, you're wasting a lot of time and money. With automated alerts and filters that make sure managers and staff only see the bills they need to see, new accounts payable processes streamline approval and reduce the likelihood of error.

These new processes also reduce time spent approving accounts payable by putting related documents close at hand. Instead of searching for a paper contract to confirm payment terms, new technologies attach contract terms to the automated reminder and electronic bill, making the approval process seamless and efficient.

Create A Structure For Safety

If paying bills, signing checks and handling bank reconciliation fall to one individual at your company, your process needs to be upgraded. By concentrating all of these tasks to a single individual, your company is exposing itself to major risks, ranging from human error to fraud.

New advancements in technology, combined with the rise of outsourced bookkeeping and accounting, have made it possible for businesses to remove these risks without losing control. Instead, by including automated systems and outsourcing your accounting processes, you eliminate the chance that your accounts payable becomes subject to errors and oversights.

By combining the expertise of a top-notch virtual bookkeeping company with the automated systems and technology currently available, you streamline your process and improve your accounts payable efficiencies.

Contact AccountingDepartment.com to learn more about the benefits of automated accounts payable and outsourced bookkeeping. Call 1-888-858-9919 to schedule a free, 30-minute consultation with one of our Accounting For Excellence team members.