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1. Best 5 Tips to improve your Accounts Payable workflow
When you’re looking to improve your business operation and increase efficiency, look no further
than your accounts payable procedures.
With a number of processes which can either be eliminated or streamlined, the face of AP is
currently changing.
There are a few things which you can do to keep up with the times and help your entire company in
the process.
Also, you can take the help of some reputed tax accountant’s. The best tax accountants in
Wellington will help you improve your Accounts Payable workflow.
Kindly follow the below mentioned steps and you will be on your way to attain a more efficient
accounts payable process:
Step 1: Accept Electronic Invoices:
The first step is to get rid of paper invoices & start accepting electronic invoices. The past challenges
in managing electronic invoices typically revolved around EDI.
Most of the system today supports electronic invoices without expensive EDI infrastructure. Most
vendors today may gladly send you a PDF “electronic invoice”.
While this can be just as cumbersome as a paper invoice because it still needs data entry and
archiving, it does eradicate pushing paper and scanning invoices.
Starting from an electronic document further improves the process as you eliminate the scanning
process.

2. Some vendors may send you hard copy invoices, but if you can get just half to deliver them digitally,
you can save a ton of time on scanning.
Step 2: Centralize Data & Eliminate Data Entry:
For those vendors who do not supply electronic invoices, businesses can implement centralized
scanning solutions which can convert images into computer-readable text.
It eliminates the need to enter data manually into a system. While this technology would require a
high level of expertise and setup, the pros significantly are more important than the cons.
This is a faster process, and if properly controlled it can eliminate human error and data
discrepancies. It also possesses the ability to feed the data to other programs (like your financials).
Step 3: Streamline your Workflow with Automation:
Once your invoice is digital, you can leverage more efficient ways to mechanize invoice processing.
Digital workflows for invoice approvals and automation can truly rationalize the end-to-end invoice
process.
A fully automated process helps you to receive invoices in a clean and swift manner. Meanwhile, it
can manage workflow, general ledger posting, and can give real-time reporting and notification.
Step 4: Simplify and Standardize:
You can create a more streamlined process by standardizing basic functions like invoice receipt and
approval workflow.
This can benefit the AP department and your suppliers will also be happy with the quick procure-to-
pay cycle as they get accurate payment much more quickly.
Step 5: Archive Your Data Immediately:
Paper files are not efficient. That is a fact.
However, some companies are still receiving paper invoices and implement an invoice automation
solution which impeccably converts them into a digital format.
Processing paper documents only is not efficient.
Adding features like “digital mailroom” to receive and process your invoices means your data is
much secure, gets archived immediately, and gets ready for processing in a fraction of the time.
Conclusion:
Some of these steps may take longer than others to implement, but they are all worth the work.
Start with step one and work your way down thoroughly, and you will be on your way to a more
efficient, more automated accounts payable process. You have to

3. 1. Focus around Vendor Master Maintenance
2. Improve EDI (Electronic Data Interface) / e-Invoicing
3. Deploy real time analytics for improved decision making
4. Define a structured query resolution process
5. Improve coordination between AP and Sourcing
About Author:
BW Miller Dean is one of the most reputed tax accountants in Wellington. We work together with
our clients, help them gain knowledge & understanding so that they’re successful in their businesses.
We believe in offering timely & accurate accounting solutions which are tailored to suit all your
business needs.
We offer wide range of services such as accounting, tax, bookkeeping, and business advisory
services.