8 Tips to Streamline Your End-to-End Accounts Payable Process

 All businesses, small and large, need to maintain their accounts payable process, and for that, they need to streamline invoice processing.

 
But, the catch here is that they need to do it while sticking to their budgets and scaling their needs. Truth be told, this whole idea looks far-fetched in the absence of good invoice processing software. Its absence will stall your progress and be detrimental to your bottom line.
 
Don’t worry. We have it all sorted for you; here is a list of tips you need to follow to improve your end-to-end accounts receivable process.
 
1. Lay Accounts Payable Process
Before you can optimize anything, it is important to lay a roadmap. This will help you identify issues and inefficiencies in the process. The simple way to do this is to use sticky notes to map out processes. Remember, it needs to be accurate before being of high quality.
 
Most importantly, make sure your team is on the same page. This will ensure you don’t miss anything.
 
 
 
2. Say Goodbye to Complex Workflows
Many young businesses over-rely on spreadsheets end up wasting a lot of time and resources and are unable to retrieve information when needed.
 
So, you should start looking for redundancies, bottlenecks, and inefficiencies and then make a clear accounts payable process.
Don’t forget to ask your team what should the process look like. Does it look like an assembly line or a complex maze? Your goal here is to analyze areas that are complex.
 
3. Stop Using Paper Invoices
Paper invoices can lead to a surge in printing and fax costs and create a massive problem for business owners. Not to mention postage costs, verifying, and authorization costs. If you want to save yourself from all the trouble, switch to online invoicing systems and enjoy a smooth accounts payable process.
 
4. Track Your Invoices
Worse, you can damage relationships with vendors. This can interrupt service, damage your supply line, and leave you looking for new vendors.
 
The worst thing that can happen is that you can damage relations with your vendors. This can lead to interruption in services poor supply lines, and you will also need to look for more vendors. The best way to keep track of invoices is to use automated invoice processing and let the solution take care of the same.
 
5. Eliminate Data Entry Errors
Data entry errors ruin accounting like anything. More than 88% of excel sheets have errors in them. Small mistakes add upto high costs, and correcting them can eat up your precious time. So, make sure you eliminate human contact at all instances to have smoother accounts payable process.
 
6. Sort Purchase Issues
 
Overspending can lead to many issues for your business. For the same, you need to ensure that your purchases are authorized.
 
With invoice processing software, you will be able to automatically validate orders, check the quality of goods, and deny if things are not upto the mark. This is possible as you can integrate these solutions with quality management modules.
 
Besides, authorizing purchases and eliminating frauds will become super easy. The best part is that you will not need a human touchpoint to manage all these aspects.
 
7. Increase Transparency
Do you know the recipe for data siloes? Well, the answer is manual processes and paperwork. These make it harder to achieve transparency and analyze company spending.
 
You will not know the stages of your accounts processes and will not be able to make real-time changes with paper-based methods.
 
The solution? Invest in automated invoice processing to achieve all this and much more!
 
8. Invest in Low-Code Solutions
Automated invoice processing is the key to improving your accounts payable. The lesser the human intervention, fewer will be the errors. Here are 3 ways you can automate your accounts payable.
 
Off-the-shelf software solutions: Buy a premade solution, and custom fit it.
Custom software solutions: Pay for a tailored solution; while it will be expensive, it will meet all your needs.
Low code software solutions: Match the speed of the market and save hours of development time.
 
Low code lets you design custom integrations and automations and manage your entire accounts payable process. You can reduce administrative workload and cut costs with more transparency and efficiency.
 
Wrapping Up
Using these tips will help you improve your entire accounts receivable process and stay updated with all information. Managing these processes with automated invoice processing will save you 100’s hours each month, and you can use them for improving other processes. So, don’t wait any longer and schedule a call with us to know more!