If you are a Controller or Finance Manager at a fast growing company, you’ve got an important job to do managing the Accounts Payable process. As the business grows you might find that the number of invoices being processed by your Accounts Payable team becomes more than they can handle. At that point you face an important decision in regards to the future of your AP team:
Optimize, Outsource, or Hire?
Here’s a breakdown of each option and factors you should consider before making a move.
Optimize Existing Accounts Payable Resources
If you do not have the overhead to add an employee (or would prefer to skip the hiring hassle), you’ll need to find a way to help your current AP staff do their jobs faster and better. By solving their greatest pain point, the communication breakdown of the approvals process, AP can improve relationships inside and outside the organization, while working more efficiently. With the right solution, you may find that your Accounts Payable process runs so smoothly that the problem has solved itself. A few benefits: faster approvals, faster invoice coding, increased visibility and control into the process, and happier employees.
Hire for Accounts Payable
Adding an employee to your team can be a good idea if you have the budget for salary and benefits, but it does require a great deal of time invested upfront before you see the return. Not only will you need to spend time interviewing and screening candidates, your AP staff will need to spend time on boarding the new employee and training them on your organization’s processes and software. That being said, if your current team is truly understaffed and the pace is expected to increase, it might be worth it to post a JD on Indeed or LinkedIn to find good candidates.
If you are going this route, check out our AP Hiring Guide. It’s got great tips for writing a job description, salary information, and important interview questions.
Outsource Accounts Payable
There are several pros and cons to outsourcing your Accounts Payable. The biggest issue is trust, since you will be sending alot of sensitive financial data to a third party. There is also a risk of duplication since invoices may be received and processed by on-site staff as well. If you are looking to outsource your Accounts Payable, be sure to choose a reputable company. If your company is already outsourcing other business processes, then you may feel more comfortable taking this route.
Deciding which of these paths to follow on your quest to improving your Accounts Payable process can be tricky. Stampli can make it much easier to see what you can accomplish with existing resources since it solves AP’s biggest problem, without taking any time or money from you upfront.