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.
In today's digital world, no one really uses checks regularly for their personal transactions. Ask anyone outside of the finance industry the last...
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Listed by CFO Tech as one of the Top 10 Accounts Payable Solution Providers 2018 and 2019 and by CIO Review as part of the 20 Most Promising Corporate Finance Tech companies for 2017, OnPay Solutions streamlines processes for accounts payable by automating invoice processing and payments.