Accounts Payable Best Practices and Improve Vendor Management
Explore Accounts Payable best practices for automating AP and improving Vendor Management within your organization.
Paper-based Accounts Payable departments with manual processes remain commonplace. However, many organizations are quickly pursuing an enterprise strategy. This is because word has got around about the benefits of this business move. Such perks can include efficiently manage invoice capture, extraction, integration, and approval processing. Further, tracking hundreds or even thousands of vendor relationships is critical to business operations. Unfortunately, it becomes a burden when vendor information is managed in scattered, disparate locations. However, consolidating all vendor information and interactions for easy accessibility provides an efficient, 360 view of the relationship for improved procurement, AP exception management, decision making, and historical context.
Why are you looking for ways to automate? What do you want to accomplish specifically? Perhaps you want to increase the performance of your company to be more competitive so you can win more business. On the other hand, you may want to specifically increase customer satisfaction with more seamless service. Alternatively, you may want to improve the bottom line or even grow without adding headcount. Whatever your objective is, we’re here to show you that it is in your reach.
This video focuses on some of the top Accounts Payable automation best practices, including the following:
- Reduce AP asset & processing costs
- Review AP Stages of Automation since “one size does not fit all”
- Recognize best practices for early capture, integration & approval processing
- Standardize vendor information management & interactions for improved decision making
- Improve visibility to the entire vendor relationship
Check out the full video resource as we dig deeper into the ins and outs of these Accounts Payable automation best practices. Additionally, you’ll learn more about the benefits of automating AP and how you can improve your organization’s vendor management.