Most accounts payable departments could use help running more efficiently. These 3 tips will help get the little things done and focus on the more important duties, while keeping you’re accounts payable department safe and secure.
1. The Right Tools
Printing checks directly from an Accounting or ERP system to a desktop laser printer can easily be used by anyone who has access to the Accounts Payable module. As a best practice, separate the duties between entering checks and printing checks.
Next, consider the printer as a point of potential security concern because a standard desktop printer can be switched in to “Copy” mode or have a built in “Reprint” button that can still be used after a document is sent. Finally, several desktop printers have built-in memory. To ensure your maximum security, use only a printer that has been secured though a setting that will erase the memory after the check is printed.
Vendor Management can be overwhelming for companies. Using BI software available, it easier for companies to understand their vendors. The next step is then to migrate to an Electronic Accounts Payable Programs to help with vendor relationships and discounts.
Some companies may think that switching to such a ePayment process will be more work, and when lacking the time, resources and the budget they anticipate would be needed, they deem it is best to keep the business as usual. This is what Accounts Payable Automation can help. Find an A/P Automation tool that can streamline communication and launch ePayments in 30-45 days, help your company analyze its vendor database AND allow you to issue electronic payments.
3. Protection and Security
If you want to cut cost and enhance security, then a payment automation hub is the way to go. Three ways that payment automation hubs can protect you include: forcing a separation of duties by the use of password access to the printer, working with an SAEE16/SOC II certified print and mail center to print any checks, and avoiding desktop printers that have built in memory. Improve your processes and enhance your security by stepping away from payment modules in ERP’s and use a solution-based payment automation hub.
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.