Improve Accounts Payable Efficiency

Accounts Payable Process Improvement

What Should An Accounts Payable Manager Goals And Objectives Be?

5 ways Accounts Payable and Finance leaders can streamline their invoice processing and payment workflows include:

1. Eliminating paper from the entire Accounts Payable process from procurement to payment
2. Drive enablement and participation from suppliers and vendors
3. Take advantage of same-day invoice approvals
4. Capture and early payment discounts provided by suppliers and vendors
5. Give the Accounts Payable team mobile access to the invoice process for approvals from anywhere at anytime.

By automating your business’s entire Accounts Payable process with an all-in-one automation solution like Yooz you can implement all of these best practices to meet the goals of increasing efficiency, cutting cycle times and reducing costs.

How to Measure Accounts Payable Performance and Manage AP Goals

When it comes to achieving your KPIs and creating the most efficient and effective Accounts Payable invoice and payment process and department for your business IOFM presents four main metrics you can use as a benchmark to judge the quality of your Accounts Payable team:

1. Pain On-Time Rates
2. Cost Per Invoice
3. Number of Invoices Processed Per Full-Time Employee
4. Mix of Specialists vs. Managers on Your Team.

Let’s dive a little deeper into what each of these metrics means and how to measure Accounts Payable performance for Finance leaders.

Accounts Payable Key Performance Metrics 

Throughout your AP automation journey, you'll need to continue to monitor your accounts payable key performance metrics to make sure your business thrives. To do this you will need to be able to determine what those key performance metrics for your Accounts Payable workflow and department are by answering a few questions:

• Is your business centralized or decentralized?
• What level of Accounts Payable automation is your company currently running at?
• Are you already capturing early payment discounts from your vendors and suppliers?
• How much time does it take to process a single invoice?
• How much does it cost your company to process a single invoice?

Why You Should Boost Accounts Payable Efficiency

Getting things done sounds easier than it is when it comes to handling invoices. Forget about video calls, collaboration platforms and email. Many accounts payable teams are still stuck in the paper age. Staff has to deal with reams of paper trickling in from vendors and suppliers. They spend hours opening envelopes, manually entering data, scanning documents and sending invoices, purchase orders and even checks around to other departments to review and approve, before finally filing them. 

Here are the top five challenges facing accounts payable teams in 2021, ranked in the order of importance:

• Invoice/payment approvals take too long
• A high percentage of exceptions
• Too much paper
• Manual B2B payments
• Late supplier payments

Improving your accounts payable efficiency with an automated AP workflow can tackle all of those challenges and unlock almost immediate benefits. Cutting back on paper documents unburdens your team from manual entry and simultaneously cuts back on errors. Overall processing cost and cycle time go down by 80 percent. That’s an impressive accomplishment made possible by digital transformation

Companies that streamline their entire approach to how they handle the accounts payable process gain more than operational efficiency, though. Companies that embark on digital transformation, in short, go from searching for files to simply finding them in their browser. But those aren't the only processes made easier by AP automation.

Your Accounts Payable Budget Can't Wait Until Next Quarter

1. Yooz streamlines your Accounts Payable workflow
2. Yooz save you cash
3. Yooz cuts Accounts Payable cycle time to hours
4. Yooz increases the visibility you have into your AP process
5. Yooz digitally transforms your Finance department.
   

How CFOs Manage Accounts Payable Through Automation

1. From a silo approach to an integrated value chain
2. From an individual approach to a coordinated approach
3. From an asynchronous approach to a real-time approach
4. From an elitist approach to a mainstream approach
5. From a mechanistic approach to an intelligent approach
6. From a design approach to a machine learning approach
7. From an intermediation approach to an interoperability and collaboration approach
8. From a forecasting approach to a predictive approach
9. From a tedious approach to a staff empowerment approach
10. From a cost center approach to a value center approach.

Harnessing Real-Time AP Data for Strategic Decisions

Next time you process an invoice, try to see beyond the amount and due date. That invoice isn’t simply a paper or number, rather it is a small piece of information that fits perfectly into the bigger puzzle of how your organization manages its cash flow and makes strategic financial decisions. With intelligent accounts payable automation, that data becomes a valuable asset that helps you improve accounts payable efficiency.


Data is what fuels your financial decisions, starting with whom you paid for what products and services under what terms and when. Nice in theory, but if you suffer from missing or inaccurate data you are setting yourself up for a world of pain. That means delays, unnecessary expenses in the form of exceptions and late fees and - in the worst case - flagging productivity that eventually leads to failure to keep up with the competition that’s eager to embrace digital transformation.

Serenity Now, and Later: The Business Case for AP Automation

Automating the Purchase-to-Pay Process: How does it work?

Thanks to automated invoicing solutions, the time has come when we can say goodbye to the disparate tools commonly used throughout the purchasing process, such as specific accounting software, messaging tools and even scanners. One single application, modern and practical, makes it possible to replace them and create an automated Purchase-to-Pay (P2P) process that is integrated end-to-end.

Payment Approval Automation: Improving Your Company’s Financial Performance

Payment approval is a crucial business practice that requires careful attention to detail, safety, and compliance. However, the conventional method of approving payments is time-consuming, resource-intensive, and prone to human error. How to ensure everything flows smoothly? One of the best ways to improve your Accounts Payable efficiency is through the use of automation. Learn more about it here!