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ACCOUNTS PAYABLE BEST PRACTICES & TIPS AND TRICKS FOR IMPROVEMENT

By Corcentric | February 23, 2023
About Corcentric




10 ACCOUNTS PAYABLE BEST PRACTICES: TIPS FOR IMPROVEMENT

For far too long and far too often, accounts payable (AP) has been regarded as
simply fulfilling a necessary but somewhat repetitive back-office function.
Invoices come in; payments go out. But as CFOs and other finance executives have
come to appreciate the added value that AP can provide (ex. improving cash
flow), there has been a push for those departments to develop and institute best
practices.

Every AP department should strive to become a best-in-class department; to do
that, it is necessary to transform the way the overall AP process is handled;
foremost, how it handles invoice processing, from data entry to invoice matching
to approval workflow and, finally, to payment.

According to Ardent Partner’s Accounts Payable 2023: BIG Trends and Predictions
Report, for AP departments to thrive in these challenging times, it is crucial
to keep up with current trends. Some of the areas that need focus include
automation and hyperautomation, supplier relationships, cash flow and payment
terms, and global e-Invoicing mandates.


UNDERSTANDING THE ACCOUNTS PAYABLE PROCESS

Companies now understand that, although the accounts payable process is just one
step in the entire procure-to-pay (P2P) transaction cycle, it is the one step
that is responsible for ensuring payments are accurate, timely, and free of
fraud.

Essentially, the AP department receives invoices, and the data on those invoices
needs to be captured and coded with accurate accounts and cost center data,
either through automation or manual keying. Then those invoices need to go
through a three-way match or two-way match against purchase orders and, when
possible, receiving notices. At that point, the invoices are either sent
straight through to your ERP or AP system or routed to the appropriate people
for approval and then posted for payment.

That doesn’t even begin to address how much time an AP department spends on
invoicing issues like handling exceptions, addressing supplier requests for
payment information, tracking down paper (PO and Goods Receipt), and tracking
down approvers to ensure that payment is made on time.

There are steps you can take, however, to eliminate or minimize those issues
that keep your AP department from being the best it can be.


10 BEST PRACTICES TO OPTIMIZE ACCOUNTS PAYABLE

When you optimize accounts payable by streamlining invoice processing, you can
create a situation where invoices that are accurate are automatically sent
straight through to the ERP or accounting system for payment, with no human
intervention so the AP department can instead focus on exceptions.

That additional time saved can be used to find ways to increase cash flow,
improve supplier relationships, reveal advantageous payment term opportunities,
and better manage working capital.

Each of the ten practices below are ones every AP department must focus on to
ensure that payments made are accurate, timely, and free of fraud.


1. TRY A PAPERLESS AUTOMATION SOLUTION

Each of the practices in this list should be followed, whether or not you
automate your processes with an AP software solution. However, the reality is
that optimizing these practices, and thus your processes, becomes much more
likely when you eliminate paper invoices and manual processes that are
inherently costly, time consuming, and subject to human error.

No matter the size of your business, when your AP department transitions to
digitizing and utilizing AP automation software, you will quickly recognize the
benefits process automation affords, including the reality that the cost to
process an invoice is $2.94 for best-in-class AP organizations vs. an average of
$15.96 for the rest.

Processing invoices takes time. Automating the process takes the burden of
following invoices out of the hands of your processors and into a system that
will handle the steps automatically, including matching. If you have seasonal
spikes in invoice volume, an automated solution lets you scale up response
without having to hire additional employees.


2. ORGANIZE AND PRIORITIZE INVOICES

Depending on the size of your business and the volume of invoices received,
keeping track of what needs to be paid and when is essential for managing cash
flow while avoiding late payments, which can negatively impact supplier
relationships. When setting priorities, obviously invoices should be paid in
order by the due date and payment terms.

If you have hundreds or even thousands of invoices appearing weekly, or if you
have a seasonal business where invoice volume spikes, it can be difficult to
ensure timely and accurate payments. It’s also necessary to match the invoice
against the purchase order and receipt of goods (if applicable). You don’t want
to push through an invoice for payment until you verify the product is received
and matches the invoice, or that the service has been performed.

You should also be aware of early payment discount opportunities, which many
suppliers offer. Since AP automation considerably speeds up the approval
process, you will be able to identify and capture early payment discounts. If
there are no discounts, then it is preferable to pay an invoice on time, though
not earlier than it is due, to better manage your cash flow.


3. STREAMLINE YOUR WORKFLOW

The more complexity in the system, the likelier for errors or late payments.
Look at your existing workflows and identify where bottlenecks are occurring in
the approval process. Streamlining the approval process also means centralizing
and standardizing processing and reporting across the organization.

Paper and manual processes tend to slow things down. AP automation can reduce
the invoice processing time by up to 70%, while ensuring the accuracy and timing
of payments. It’s essential that your AP department gave detailed rules in
place, even with automation.

Companies that have multiple locations with purchasing capability need to ensure
that all invoices go to one centralized location for processing and payment. If
you are still running on a legacy manual system, you may want to limit your
number of check runs to two per month.




4. USE KPIS TO MEASURE ACCOUNTS PAYABLE EFFICIENCY

You can’t manage or make better what you can’t measure. So, if you make changes
to your processes, set up specific goals and KPIs to measure how your department
is adhering to the new or revised processes, especially once you’ve automated
those processes.

Start by assessing where your department is currently when it comes to specific
metrics indicated below. Then, measure how the department is performing after
implementation of an automated system. Metrics you should look at include:

 * Cost per invoice
 * Payment accuracy rate
 * Days Payable Outstanding (DPO)
 * Number of invoices paid on time
 * Early payment discount capture rate.
 * Amount of time spent handling supplier disputes

Ongoing measurement will exhibit the value of AP automation. However, not
automating should not be an excuse for not tracking metrics. The only way to
assess improvement is to continually benchmark AP team’s performance.

Check out what’s in store for Accounts Payable in 2023
Take Me There


5. ESTABLISH RELIABLE FRAUD DETECTION

When dealing with money, there is always the possibility of fraud. Fraud can
come from a number of sources: cybercriminals, suppliers, even your own
employees. And when paper checks are the source of payment, the chance for fraud
is even higher. That is why mitigating that risk is directly tied to following
policies and procedures.

Cybercriminals have a wide array of scams that are not necessarily a way to hack
into your organization, including where they will mimic the email address from a
supplier and ask for payment to be routed to a different account. Employers can
set up dummy supplier accounts; suppliers may have their own employees who
attempt the same.

Accounts payable automation helps combat this challenge with a more rigorous
approval tracking system and a clear audit trail. Real-time visibility into the
status of every invoice and automated 3-way matches will catch discrepancies and
outright errors and flag those for further investigation.


6. CREATE SAFEGUARDS FOR DUPLICATE PAYMENTS

The steps for eliminating duplicate payments are much the same as the way to
detect and combat fraud, except here the situation is usually not intentional.
Again, manual processes and paper can mean that duplicate invoices get sent
through for payment. A supplier may send an invoice by mail and then email the
same invoice to ensure it is received. With manual systems, especially if you
get a high volume of invoices, an employee may key in both invoices for payment.

Your payable system should red-flag the duplicate invoice, stopping payment.
That assumes your system will catch most if not all duplicate payments. If you
are handling invoice approval manually, you cannot simply rely on the system;
you need to have AP continually check to avoid duplicate payments. Transitioning
from manual to automated processing will eliminate duplicate payments.


7. FIRM UP ACCESS CONTROLS

The more people that have access to the payables process, the more likely errors
and duplicate payments can occur. Combat this by implementing internal controls,
including setting up a distinct separation of duties per employee; that no one
person has control over all the steps (from invoice approval to payment); and
that only specific people have access to the Master Vendor File. Implement
internal AP review processes that will expose where mistakes and bottlenecks are
occurring.

System-level controls help identify and address structural inefficiencies in the
process which will help avoid security breaches and detect potential fraud.
Again, since automation limits the need for multiple human interaction, there
will automatically be fewer people involved in the process.


8. STANDARDIZE PAYMENT TERMS AS MUCH AS POSSIBLE

When you work to standardize payment terms, you free up working capital, gain
greater control over cash flow, and optimize payment processing. This is
especially important when dealing with a high number of suppliers, each of whom
wish to negotiate their own payment terms. Standardizing terms helps to make
your workflow more efficient. It also prevents ad hoc negotiations with
individual suppliers that can negatively impact your DPO, affecting the payable
department’s bottom line.

However, instituting standard payment terms shouldn’t preclude renegotiations.
Your team should do its research and ensure that your supplier is offering the
same or better terms than it offers similar businesses. If you are operating at
a disadvantage, then it is time to renegotiate. Although invoices generally come
in on a 30, 60, or 90 day cycle, you may find that taking advantage of early
payment discounts outweighs the benefits of an extended DPO.

You should also consider payment methods when negotiating with suppliers.
Reducing the number of paper checks cut and mailed will reduce costs and late
payments due to delivery issues. Instead consider centralizing and managing 100%
of your vendor payments electronically via a variety of payment methods,
including ACH, wire, or virtual card.


9. TRACK AND RESOLVE DISPUTES EFFECTIVELY

Exceptions continue to be a major challenge for AP; they result in delayed
payment and often, an inordinate amount of time handling supplier inquiries and
concerns (both by phone and via email. Resolving these issues quickly is
essential to maintaining a necessary cash flow. An automated approval process
will send invoices that match POs directly into the ERP for payment, leaving
only exceptions for your AP team to handle. Since those exceptions are quickly
identified, they can be resolved on a timely basis.

Streamlining how you track and resolve disputes is a win-win for you and your
suppliers. On-time payments result in good relationships with suppliers.
Conversely, tracking disputes may lead to identifying suppliers who constantly
have problems and may lead you to look for alternatives. On your side, the less
time employees spend on answering phones and emails translates to more time they
can spend on value-added tasks.


10. KEEP SUPPLIER INFORMATION UP TO DATE

In a global business environment, suppliers may be acquired, contacts may change
and companies can relocate. Any and/or all of these end up with an invoice not
being recognized in the system and that can lead to delayed payments or worse,
payments being sent to the wrong address.

An AP automation solution that offers a supplier portal will eliminate those
issues since suppliers will be able to go into the system and make any changes
necessary. This will, however, necessitate that both your solution and the one
used by suppliers are compatible.

Following these practices and constantly improving the AP process will help
streamline the approval process, eliminating late payments (and late fees), and
ultimately, giving you greater control over your cash flow. But paper and manual
processes will only make achieving your goals more difficult. Implementing an
accounts payable automation solution is the way to move your AP department to
the next level and, eventually, to best-in-class status.

Corcentric’s industry-leading AP automated solution will help you process
invoices up to 70% faster, reduce invoice processing costs by up to 80%, handle
100% of payment disbursements, capture early payment discounts, eliminate fraud
and duplicate payments, ensure regulatory compliance, enable cash flow
visibility, and provide accurate reports based on real-time information for
better cash management, visibility, and spend management.

Once this happens, your AP team can handle exceptions more efficiently and
dedicate time to more value-added tasks. That’s how you turn a back-office cost
center into a revenue generator.

Read the Ardent Partner’s Accounts Payable 2023: BIG Trends and Predictions
Report, for more insights on how AP can break the stereotype and play an
important role in boosting the organization’s bottom line.

Get started today, Contact Us.

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ACCOUNTS PAYABLE 2023: BIG TRENDS AND PREDICTIONS

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Payable in 2023.
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