7 Best Practices to Streamline Your Accounts Payable Process
Seven practical ways to streamline accounts payable: centralize and digitize bills, separate duties to prevent fraud, pay electronically, and time payments.
What's inside
Centralize and digitize bills
How to set up a shared accounts payable inbox and move vendors to electronic bills, so invoices stop getting lost in personal email or piling up in paper stacks on your desk.
Separate roles to prevent fraud
Why the person who enters a bill, the person who approves it, and the person who pays it should never be the same, and how AP software makes that separation of duties easy.
Pay with ACH, not checks
Why ACH is a cheaper, faster, and more secure way to pay vendors, plus how to hand off check writing and mailing to software for the vendors who still insist on paper checks.
Cut international wire costs
How to cut the time and cost of paying overseas suppliers by replacing traditional bank wires with a cloud-based international payment tool that works without a trip to the bank.
Time payments for cash flow
How to plan the timing of your bill payments to extend your cash flow and help your business grow more steadily, with each practice broken into a simple what, why, and how.