Working in AP is a rewarding, yet a tough job. You will have to process the invoices for your suppliers to ensure that the back-office role within the business is never needed because of an emergency. When you take time and effort to understand how an AP workflow software works, you will know how to optimize every process that you take which can guarantee success.
1. Approving an invoice takes too long
The first thing that you can optimize with little to no effort is the approval cycle of your invoices. If you still use the archaic method of using pen and paper, you’re slowing down the process ofhow to monitor employees working from home approving an invoice by up to five times. Waiting for something to be printed out just to be able to find the entries that you’re looking for is a tedious process.
To address it, all you need to do is get an accounts payable software to automate the process. Everything will be done digitally. If you need something that can be held in your hands when you need to present a report, you can always add printing to the AP workflow software.
2. AP department fatigue
It takes a lot of effort to ensure that the data that you have is accurate. Efficiency is one of the best things that an automated AP software can offer to you. You don’t have to worry about dealing with human error or waiting for reviews because you know that the software has already ran its own tests in the background to spot any red flags that you’ve set.
3. Inaccurate reports causing overpaid invoices
The last thing that you want to see on your AP report is a whole lot of overpaid invoices. Depending on who you overpaid, it may take some time to get those funds back into the system.
4. Going with the flow too much
Due to the fast-paced nature of working in AP, you often forget to just take a moment to assess the situation that you’re put in. Maybe the business is in good standing right now, but you still have to be prepared for anything that may come your way. When you take a step back to just see what’s going on in your peripheral, you will have the opportunity to address major issues.
5. Letting lost invoices pile up
Lost invoices are one of the biggest challenges that you’re going to have to face if you work in AP. Disorganization is the leading cause of this issue and its effects can translate to all aspects of the business since funds are often streamlined.
6. Failure to optimize AP systems
Depending on what you use primarily as your AP system, you should ensure that they’re optimize to work with each other to prevent machine errors due to incompatibilities.
7. Still using paper
Gone are the days that you have to depend on paper. With technology, you shouldn’t even have to print any data for your AP department.
Nexus Systems offers an AP workflow software that can help address and eliminate issues with your AP workflow. Contact us today for more info.