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Is Your Accounts Payable Department In Need of an Upgrade?
When it comes to managing your accounts payable, you are most likely ether managing well or wondering when the volume will let up so you can actually have a lunch break.
There are a few signs that should set off an alarm for you to signify the urgent need for an upgrade. So what should you be on the lookout for? Here are a few:
- You dread looking in the mail, your inbox or the fax machine tray – have an internal fear than yet another invoice has arrived on your doorstep awaiting entry into your accounting system? You may be showing signs of needing an upgrade based on volume growth.
- Your hands are riddled with paper cuts – how much paper do you have on your desk right now? In your filing cabinet? In the printer ready to be printed on? Are you stuffing envelopes? You may be showing signs of needing an upgrade based on the amount of paper required to do your job.
- You can’t leave a bit earlier on a Friday in summer – we all want to jet out of the office on those beautiful Friday’s leading into the weekend. Who wouldn’t? But if you waiting on an approval for a payment that needs to go out, or waiting on your CFO to sign a check, then you’re not going anywhere. You may be showing signs of needing an upgrade if you have no mobile access to your process flow.
- You have no idea how to answer a vendor on the phone looking for payment – ever feel like this when a vendor calls? How long does it take for you to find the answer for them? Can you easily access the invoice submitted, see where it is in the process, if payment went out, when it went out and in what method? You may be showing signs of needing an upgrade if you cannot query on invoice and payment statuses quickly.
Today’s organizations and their needs have evolved at an increasingly rapid pace. From advanced CRM to cloud based accounting, ERP systems offer a depth of features for these growing businesses. But when it comes to accounts payable, little has changed.
Get your copy of the whitepaper “7 Signs Your AP Department Is Due for an Upgrade” here -> https://www.mineraltree.com/resources/accounting-whitepapers/7-signs-you-need-to-upgrade-ap
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