Accounts Payable plays As we step into 2021, the current landscape of business has become robust as companies start to adapt and evolve to the surroundings left behind by 2020. Some companies adjusted slightly where others found themselves hitting the reset button. Regardless of the position your company is currently in, it is a necessity that finance teams strategise their Accounts Payable in order to succeed for expense and cash flow management. We take you through two crucial steps to help plan and strategise your success this new year.
Safeguard your Accounts Payable
Businesses globally lose billions of dollars due to fraud and accounting errors. With companies now relying heavily on digital, online fraud is at an all time high. What is surprising is that it happens in the most simplest forms, such as through an email or even leaving that important document on your desk. There are many methods to safeguarding your Accounts Payable, however it starts with building in safety checks, such as multiple layers of approval. Having more than one set of eyes can prevent fraud from occurring immediately by adding further verification.
Another important security measure is adopting software that gives you and your business a complete birds eye view of your Accounts Payable to allow you to keep track of spend, documents, budgets and more. An example of this software is ProSpend, a local Australian provider, that issues strict industry recognised security measures including PCI-DSS plus additional features including Encryption and real time Audit logs that safeguard your AP to the highest standard.
Remove Paper processes from your Accounts Payable
Do you find yourself constantly shuffling through invoices, receipts and documents? These paper processes yield your valuable time, money and effort. Lets not forget how often it takes you away from focusing on the most important aspect of business – growth and sustainability. Paper processes also create issues down the path including storage, contributing to even more admin and costs. Make 2021 the year you remove these daunting paper processes.
The solution – AP Automation. Businesses have completely transformed their Accounts Payable through automation, proving time and time again to reduce time and costs by up to 80%. The process of building a complete digitised supplier payment process allows you to remove all paper processes, increase visibility and dramatically reduce fraud. Jamie Hughes from Animals Australia, whom trusts leading AP Automation provider, ProSpend, says “We’ve reduced the time to process a supplier invoice approval and payment by a number of days, whilst giving visibility to our staff and making the process completely paper-free.”
Accounts payable is a core component of your organisation. Including these 2 easy tips in your 2021 plans will set your cash flow and expense management up for success this year so you can focus on elements that truly grow your business. Within your plans, ensure you look into a leading expense management tool that offers smart automation for all spend, such as ProSpend. Complete AP Automation with one platform to manage expenses, supplier invoices, purchase orders and travel spend. All with budget visibility.