Due to current circumstances, companies and their Finance departments all over the world are being forced to adapt and be agile. Time doesn’t stand still, financial obligations must be respected, and business needs to keep going. The continuity, and adaptation, of accounts payable operations is crucial.
But how do you go about getting from where you were before the pandemic took hold, to effective invoice processing in the current climate? Fortunately, this is one important initiative that can be undertaken as a series of small steps, and can generally be done without making any significant changes to your existing systems:
1. Analyse current processes
Identify how invoices now flow through your company. For example, where are they received, how do they get to Accounts Payable (AP), how are they validated, what is the average time it takes to process an invoice? The key is to understand where bottlenecks and delays exist, and how much it’s costing. You’ll probably find opportunities to improve current procedures.
Proactis Holdings Plc (LON:PHD) develops and sells business software, and provides installation and related support services in Europe and the United States. The company offers Spend Control and eProcurement solutions that help organizations to improve operational and financial performance by enhancing the way they buy various goods and services.