Let’s face it. 2020 has been a totally unexpected and challenging year, to say the least. As we head into 2021, it’s a time to not only evaluate how we’ve faired, but also to reassess what we’ve been doing and where we should be heading from here.
While work from home mandates this year have exposed the problems of paper-based and manual AP processes – including lack of visibility, processing delays, inefficiencies and more – the good news is that it’s also made management more aware of these issues and pre-disposed to fixing them. This year many companies have implemented work arounds to keep AP operations going, which have often been cumbersome and lacking. For example, in one organization, an AP staffer drives invoices around for approval. In another, an AP practitioner meets the CFO in a parking lot to get invoices approved and checks signed. While these may be extreme cases, many organizations have been relying on emails to onboard vendors, and route invoices – a practice which is inefficient, difficult to track, and makes the organization more vulnerable to fraud.
As organizations have learned lessons this year about what hasn’t worked, what do they need to do to position themselves for greater visibility, control and efficiencies in AP in the coming year – while reducing costs? To address that question, Mark Brousseau, consultant from Brousseau and Associates and our own Karen Wainwright, Channel Account Manager, recently conducted a webinar on AP best practices, “Not a Single Invoice Astray: 5 AP Best Practices.”
Here are 5 best practices in accounts payables processes to focus on to gain greater value from AP in your organization:
In addition to instituting process best practices, it’s critical that organizations provide the tools AP professionals need to work effectively and productively. That not only means automating the process, but also providing mobile capabilities so AP staff and approvers can work anywhere. This is particularly important in today’s COVID-19 climate.
It’s been a tough year for many, but companies are emerging from 2020 with greater clarity into what’s working, what’s not, and what needs to be changed. Now’s the time to get your AP house in order so your workflow becomes streamlined and staff can work more effectively, no matter where they are based. And, this will enable you to provide the data and insight your organization needs to more effectively manage cash flow, reduce spend, and help prevent fraud to support its business goals for the coming year.
It was great to have Mark share his insights on AP best practices. Not only does he have a wealth of industry knowledge, insight and stats -- he's also very entertaining and lots of fun! Stay tuned for our video series with Mark coming soon...
Ready to learn more on how to get your AP house back in order?