5 Ways to Control Accounts Payable
Author : kenebes joil | Published On : 05 Jan 2022
Automate Repetitive Tasks — Tasks, like approving purchase orders or making payments against invoices, are laborious and consume a lot of time for finance teams. Automating these tasks by setting up email notifications for any pending approval, processing payments, matching invoices against purchase orders, etc., can significantly increase the productivity and give them ample time to focus on more important tasks.
Vendor Portals — A vendor portal enables your vendors to submit and track a quote instead of emailing, communicate instantly with the purchasing team and receive automated payments. Vendors can get discounts by setting up rate contracts and can track statuses of deliveries in a single workflow.
Avoid Fraudulent Errors — With an automated accounts payable system, you can minimize fraudulent money transfers, theft or costly errors. Add additional security layers by scheduling a one-time setup of recurring payments, requiring more than one person to authorize a payment, email or SMS notifications for every payment made. That will help reduce the risk factor involved in payments.
Establish Governance & Compliance — Set up advanced approval hierarchies and multi-stage approval workflow to process any purchase orders or invoices. Implement robust protocols and accounts payable procedures to categorize and automatically approve certain types of requests made by specified people to streamline the approval process.
Audit Trails — Get the complete transaction details when purchase orders are processed. In a robust system, all the events are recorded that occurred in the execution of any purchase order or payment transaction, and the system should offer instant access to complete budget and spend details.
EZ Cloud is an innovative enterprise accounts payable solution specifically designed in an easy-to-use way to streamline your AP process. With patent-pending ML technology based around the ways in which our automated system takes data from an invoice image and processes it for your organization, our goal is to bring automated accounts payable processing to modern businesses.