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Top 3 Accounts Payable Practices: How to Implement Them for Success

Accounts Payable Automation - A/P Automation - Accounts Payable Process

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.

2. Solutions

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. 

To learn more about how to make your accounts payable department run more efficient, click here to download our eBook Account Payable Best Practices.

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