Best practices remain the cornerstone of any strong and efficient organization. This is especially true of the accounts payable function, what worked yesterday may not work today or tomorrow.
Regularly review the practices used in your accounts payable function. Keep up-to-date on the latest changes.
If you note a series of mistakes that require a process change to eliminate that error, make that improvement immediately.
When process improvements are made, update your documented procedures and train everyone affected by the change.
Keep an updated accounts payable policy and procedures manual and ensure that everyone on staff is cross trained in all processes.
You should always be ready to change your practice when the time comes. Especially important for Accounts Payable is that it is imperative that any time you make a change to your practices, be in once a year or on an ongoing basis, everyone on staff must be trained and all start using the new process at the exact same point. For if one does something one way and a second processor a different way, the odds of introducing errors and duplicate payments skyrocket. The worst thing you can do for your practice is not regularly reviewing and updating to reflect current realities in the department.
It is imperative that all organizations look at their accounts payable function and employ as many best practices listed above as they can integrate across the entire cycle.
Learn more about improving accounts payable efficiencies: