Challenges And Solutions To Optimize Your Accounts Payable Workflow

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Implementing automated payables solutions doesn’t stop at the initial setup. You have to optimize it to ensure that it is seamless with your accounts payable workflow. Even though the solutions are already there to help you in terms of the process, it is still possible for you to improve upon it with various optimizations.

Failure to optimize your accounts payable workflow can lead to various issues later on. Whether it’s an issue with the credit of the company or the inability to maintain a good working relationship with vendors, you have to be able to address and avoid these issues. Accounts payable is not isolated only to paying bills. A list of things stems from it as well.

Below are some ways to ensure that you overcome challenges with your workflow.

Automation

Automation is the leading reason as to why many businesses prosper today. When automation is done right, it is efficient and can really help towards smoothing out the workflow of every department of the company which includes accounts payable. Any invoices that you may have, even those that you’ve already paid, will be collected and processed with no need for manual input.

Through automation, you are also able to store all of your data in a secure access point so you don’t have to worry about any physical backdoors that could leave your company at risk. Fraud and human errors through manual input are also avoided. Time management is going to be much easier because you will always have an ETA for your accounts payable.

Vendors

Your vendors are vital to the success of your business. If you don’t have a good working relationship with them, then you are most likely not going to be able to get the full benefits of their company. Though they may provide you with the things that you need, you are going to miss out on things such as discounted rates and more.

Through various automated payables solutions, you will be able to automate your payments to them. This ensures that your company is in good standing with your vendors. They might even be able to give you live updates to their inventory supplies if you seamlessly integrate your inventory supply data to theirs.

Payments

Fraud and errors are two of the most destructive reasons that could really ruin a business. Both of these happen mostly in the payment process. When you have to rely on people to process payments, you are relying on an entity that can be exploited in various ways. With software, you only have to worry about hacking which can be prevented by encryption.

You are also able to put in stopgaps to prevent people who have administrative access to the software from abusing it such as not authorizing payments depending on the time of day, people logged in to the system and other security measures. You won’t have to provide the full payment data of your company to your staff as well because the software will handle it.

At Nexus, we make people connect and make sure technology works. If you are looking for automated payables solutions that work, contact us today.

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