Checking in on your accounts payable processes
Managing accounts payable is a critical task for every business. However, once in place, payment processes can get taken for granted. Don’t underestimate the impact of accounts payable on your company’s financial performance. Explore the potential benefits of early payment discounts, volume discounts or other incentives. Implement policies, procedures and systems to ensure that you properly vet vendors and negotiate the best possible prices and payment terms. And of course, regularly examine whether and how to upgrade your accounts payable technology to increase efficiency, reduce costs and shorten the time it takes to process invoices.