Many companies accounts payable departments are in a bit of a mess. Especially when it comes to tracking expenditures, and making sure only the necessary ones are approved.
Find the right accounts payable solution, however, and you could suddenly be saving your company thousands of dollars over what they normally spend. Here are just some of the things the right accounts payable solution should include.
Electronic purchase order submittal and approval -- One of the fastest ways to speed up an accounts payable department is to stop having purchase orders be submitted manually. Instead, make sure all the purchase orders that come into your company are now done so electronically, and are approved or turned down when they come in.
Invoicing automation -- After purchase orders have gone out and the goods or services have been delivered, suppliers send in invoices to get payment. Make sure this process is also automated via a new accounts payable solution, and you will be able to pay your suppliers on time without missing any payments.
Electronic payments are key -- Be sure your new accounts payable solution also eliminates the need for paper checks by being connected to all major forms of electronic payment. This will allow you to stop wasting time on paper checks, as well as stop wasting the money it takes to print them.
Final reporting -- Also be sure you can generate a myriad of final reports, all broken down into as many sub-sections as you need. This will allow you to monitor what is currently being purchased, decide if it is necessary, look at possible options and make new purchasing decisions based on the data coming in.
Being able to look at job costing in depth will enable you to see exactly where the money is going, and stop orders that are no longer necessary.