Making improvements to your AP process can be challenging. Following are a few simple and tangible ways to streamline your process and see positive results.
Spot Inefficiencies in your AP Process
Normally, accounts payable process involves a number of approvals, authentications, and orders, making it lengthy, error-prone and costly process. So, the first step is to spot inefficiencies in the process right from start to finish. List out all the processes that need to be revamped and start looking out for solutions that eliminate the inefficiencies throughout the process. Look for a workflow process that can be customized as per your business needs. Automating the process will reduce errors and saves your time to be spent on verifying and validating the data.
Integrate with Accounting Solutions
Evaluating and optimizing your AP process requires you to integrate with existing accounting systems. Integrating your accounting systems with other Enterprise Resource Planning (ERP) solutions would simplify the process of data flow and allows you to get your work done the easy way. Building customized integrations will enable you to post transactions automatically and keep them securely stored for years to come.
Make Use of OCR
Optical Character Recognition (OCR) can capture the data electronically and populates it into the report. OCR increases accuracy and reduces costs by eliminating human errors.
Having automated AP solution doesn’t just streamline the processes but also makes it easy for businesses to manage accounts payable processes. However, online payments should just be an augmentation to your process, you can always make payments the way you prefer.
Optimized AP Process
Optimizing accounts payable processes would result in fewer errors, reduced processing costs, and efficient AP processes. Although the key benefit is time-saving, automating every phase of the accounts payable would result in significant savings.
Taking off the work that technology can do will allow your staff better focus on internal processes. This way they can use their time wisely by improving the company’s bottom line.