As a financial leader in your organization, you may wonder about the exact steps you can take to improve accounts payable and even increase your cash flow. Also, how to get the best returns on your investment, should you select a new software for accounts payable.

You already know that it’s very important to ensure that your creditors and suppliers are paid on time, without errors or worries. In addition, you want to free up working capital and take advantage of new opportunities to grow and expand your business.

An efficient AP automation solution can help you do just that. Accounts Payable departments have the responsibility of making sure vendor and supplier invoices are processed, approved, and paid on time.

There are many ways to get started with Accounts Payable Automation and here are some best practices you can use:

• Start with Automating Payments
• To keep the process running smoothly and efficiently, automate the payments process to:
• Increase productivity within the department by saving time and resources
• Eliminate most, if not all, of your accounts payable check printing; but can allow you to print checks in house on demand
• Start an immediate cash-flow back into your organization
• Scan New Invoices Upon Receipt
• Make the process easier and more efficient by scanning invoices the same day they arrive
• Secure Storage of Digital Records
• Be sure your AP department works together to streamline the AP process
• Double check and manage vendor information to ensure the security of your system and reduce any incidents of fraud
• Centralize and Educate Your AP Department
• Centralize the responsibilities of your AP department and keep all related tasks and responsibilities within the group. This increases productivity and ensures efficiency
• Put policies in place for handling invoice processing exceptions, approval deadlines, and other pertinent tasks
• Eliminate Human Error
• Reduce the likelihood of mistakes with built-in error checking
• Create a more reliable payment system for your business

By using these strategies you’ll reap these benefits

• Save Time
• Time is money in business and with an AP automation solution, you can save the time it takes to process invoices manually
• Cost Reduction
• Cut back on orders of check printing supplies, MICR toner, check stock, envelopes, postage
• Automated solutions effectively reduce your expenditures
• Revenue Generation
• By moving to electronic payments, you may also create new revenue
• Each virtual card sent creates a monthly rebate for your business, turning your AP department into a revenue generator (typically close to 1% of total spend – paid each month)
• Increased Control and Confidence
• By automating your payment system, you gain increased control over the process, and confidence knowing that the system is working for you
• Better organization
• You will no longer have to search and sift through paperwork manually to find what you are looking for as every detailed invoice can be found instantly
• Safe and Secure
• Your accounts payable automation solution stores it’s data in the cloud giving you a better sense of security in knowing that your files are safe and bank-level secure

You will save time and money by eliminating manual AP processing tasks and moving to the ease of a revenue-generating machine.

Now that you know the benefits of accounts payable automation, learn how OnPay Solutions can guarantee an immediate return on investment for your AP department. Click here to learn more!

Learn more how to automate accounts payable:

• Top 5 Reasons to Automate
• Why Checks Continue to Steal the B2B Payments Spotlight and How to Prepare to Move to ePayments
• 6 Wastes that Kill Efficiency in Your Accounts Payable Department
• Automate Accounts Receivable 
• The Road to Cash Management Transformation
• How Payments Impact Your Business and Relationships