Streamlining Accounts Payable in 2017
Happy New Year!
Did you make any resolutions? Many people like to begin the new year by selecting a series of resolutions designed to help achieve their goals. Whether personal or professional, visualizing the end goal is only the first step on the path to actually achieving it. Identifying the right tools, and processes to help reach those goals is the most effective second step. It’s worth putting in time and energy to ensure that you have the right resources to work with from the get go. This may require some out-of-the-box thinking and breaking of old habits, but the end result is worth it!
Applying Innovative Thinking to Accounts Payable in 2017
With the end goal of making your work more efficient and your work life easier, take a look at your existing challenges in Accounts Payable. It’s common knowledge that AP folks feel that their biggest challenge is chasing approvals from various departments. Just check out this survey from iPayable Solutions that cites, “tedious approval processes, having to deal with vendor complaints, entering invoices manually or issues with co-workers who lose or otherwise hold up the routing of invoices.” as the key pain points for those in AP.
In the age of flying drones, lightning fast global communications, and self-driving cars, why is communicating over a document such a struggle?
Accounts Payable people have been asking themselves this for years. Various Enterprise Resource Planning (ERP) platforms address different aspects of the issue, but haven’t really hit the nail on the head when it comes to creating a unified invoice approvals experience that allows Accounts Payable to communicate intuitively with other departments and reduce the time spent chasing approvals. It seems to be a pipe dream – no one has taken the initiative to break the mold and develop a real solution.
A New Year, A Fresh Start!
Make 2017 the year you finally solve your department’s invoice approval management issue! Approach your Accounts Payable planning this year with a fresh perspective:
- Identify your goals
- Define the pain points you need to resolve to reach them
- Discover new strategies and tools to help you on your way!
As you are thinking about how to improve your department’s success record over the next 12 months, consider taking a bold step that will change the way your team – and company – manages invoice processing. Running harder after invoice approvers won’t make them come to you. Find a solution that improves collaboration between internal stakeholders and keeps all pertinent information in one place. This will improve the transparency of the invoice journey and keep all stakeholders accountable to the part they play.
Invoice approval management can be a win-win situation for AP and approvers.
We think we’ve come up with a solution. See what you think!
