Invoice processing and managing the accounts payable is a reflexive job for a company’s AP department because the paperwork needs to be done. However, with the rise of automated accounts payable solutions in the digital age, accounts payable has become more strategic, efficient, and faster.
The AP department can always attend accounts payable conferences to gather more ideas that will help streamline the invoicing process, but before that here are some ways that will improve the current processes:
#1 – Collect Supplier Invoices Digitally
Inform all of the vendors and suppliers that your company is now implementing a digital invoice collecting system and they should send the invoices digitally if possible. This is the best way to avoid manually routing the invoices and encoding data by hand. Having to handle paper invoices is messy and takes up a lot of valuable time, going digital is a great step towards a more profitable and efficient AP process.
#2 – Automate Invoice Validating Systems
Another great idea to keep the AP department running smoothly is to invest in an automated invoice validating system. The software can crosscheck all invoices for duplication and fraud before sending them for approval. The staff of the department no longer have to sort through stacks of paper invoices carefully to avoid losing money because the system can do the task in a blink of an eye.
#3 – Do Away With Check Payments
Start paying all of your vendors and suppliers digitally via electronic payment channels instead of the old school checks. It will be easier to keep track of all records and avoid payment delays. This is also a great strategy to keep up with recurring payments.
#4 – Keep Duties Separate
To prevent overwhelming a single staff member with a long list of AP duties, keep them separated. Assign one person to be in charge of receiving orders, one to make the payments, and handle reconciliation, and of course, one to approve all purchases. As long as they all have access to the same set of data to verify information, the workflow will be fast-paced and steady all the time.
Stay Updated With The Latest Accounts Payable Techniques
Since automated accounts payable systems rely on technology they will continuously change and upgrade to make invoice processing easier, safer, and more reliable. All AP departments should send a couple of staff members to learn new AP management practices from their peers in the same industry. This is made possible by the largest Accounts Payable Conferences held by Nexus every year.
People who work in the accounts payable department of companies get together to network and talk about their experiences with the latest automated system. The conference is the best place to learn and find out more about the world of digitized accounts payable systems.
With the Nexus’ list of over 160 clients, the conference will surely gather a lot of attention and the audience will never have a dull moment. Knowledgeable staff members will be ready to answer questions and innovative materials will be available for all attendees. Don’t miss out!
Nexus hosts a yearly accounts payable conference that features the best speakers and technologies in the industry today. Contact us for more info.