How to Improve Efficiency in Accounts Payable and Receivable

1. How to Improve Efficiency in Accounts Payable and Receivable Accounts payable and receivable software has made paying your bills much more efficient, but it’s not the only way to improve efficiency in your accounts payable and receivable departments. Here are four other ways to ensure you have a lean and mean AP and AR team that will process your invoices faster than ever before. A business’s Accounts Payable (AP) and Accounts Receivable (AR) processes can be greatly improved by implementing an effective accounts payable software system as well as by making the right organizational changes within these departments to avoid problems such as overpaying vendors or failing to collect payments from customers on time. These changes don’t necessarily require expensive new hardware or software – instead, they can be made with simple solutions and adjustments to your current systems and practices. Checkout few methods given below to improve efficiency in Accounts Payable and Receivable 1. Improving efficiency through better collaboration Project Managers can assist with improving efficiency by facilitating better collaboration between teams. For example, Project Managers can help both accounts payable and accounts receivable communicate more effectively by scheduling meetings every other week to discuss best practices or how they can streamline processes. By coordinating these two groups’ efforts, you’ll not only improve communication but also allow them to share best practices that may be used across other areas of their

2. organization. With improved collaboration comes improved efficiency. At least once a month, check in on accounts payable and accounts receivable to make sure everyone is staying on track toward your goals. Be ready with examples of ways their projects are helping other departments within your company. If things are not going well, use your influence as a Project Manager to get people talking about what changes need to happen—and start developing solutions together. Getting all departments talking often leads directly toward improved efficiency at your company! 2. Improving efficiency through better training One way Project Managers can assist with improving efficiency is by educating employees on proper procedures. It’s possible that many employees know how to do their jobs, but are simply not aware of any formal systems for doing so. By establishing clear processes, your team can be more efficient. If you are experiencing problems with Accounts Payable or Accounts Receivable, software may be able to solve these issues. But make sure it is installed correctly; there are several mistakes companies make when they go about automating AP; if they don’t do it right, they end up causing more headaches than they were supposed to fix. 3. Improving efficiency through better software Business owners don’t need an expert consultant to tell them that their accounting processes could be improved. Yet, it can be hard for them (and even project managers) to pinpoint where these problems are occurring, because they’re looking at each process individually. If you think about your business holistically, rather than focusing on individual departments, it becomes much easier to identify

3. opportunities for improvement. By using accounts payable software (and creating corresponding workflows), companies can streamline processes like payroll. A quick glance at accounts receivable will also make it clear whether or not people are promptly paying invoices—or if there are large cash flow holes appearing between invoicing periods. Using an AP system is just one of many ways project managers can improve efficiency in corporate settings. SOURCE- https://www.invoicera.com/blog/accounts-payable/6-incredible-tricks-to-improve- ap-process-infographic/