At Paybox, we have the privilege of working with companies of various sizes, in virtually every industry, all over the world. For all their diversity, there are a few best practices we see across all the most effective and efficient organizations. Here are the top three.
1. They use a cloud-based automation solution.
Some organizations choose to automate by creating digital systems that mimic their manual processes. But the best AP teams are fully automated in a holistic way. With a powerful cloud based system, they enjoy the timesaving benefits of touchless invoice processing. They also have a wealth of analytic data at their fingertips, which they can use to track their own performance. They can even use benchmarking data to compare themselves against other companies.
2. They find unexpected ways to improve.
The most effective organizations really utilize the features of their automated AP solutions. By looking at detailed analytics, they can analyze every step of the AP process, from the receipt of the invoice all the way through to the ERP system, and look for ways to improve it. They also have information they can use to help persuade their suppliers to automate, too. With suppliers working in a compatible format, their AP functions become touchless, saving time and personnel resources.
3. They keep things simple.
Top AP organizations understand the importance of streamlined, people-friendly processes, for members of their own organizations as well as suppliers. Systems that eliminate the frustration factor make consistent, timely invoice approval easy, and keep everyone involved happier. There are no lost payments. No late payments. Plus, with online approvals available 24/7, suppliers don’t have to call with questions about invoices—they can figure things out for themselves. And when they get paid early, the payer company often sees bottom line results, in the form of early payment discounts.
Why not follow the leaders?
Paybox has proven to be an effective tool in transforming Accounts Payable processes by reducing paper handling, lowering invoicing costs, minimizing supplier inquiries, and providing valuable analytics that help companies continually improve performance.
Paybox is a single platform for vendor management, invoice processing, invoice status updates, payment notification and AP/AR customer service. To find out about other best practices and tips on AP automation, contact us at (954) 510-3750.