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Finance is a field that is concerned with the allocation of assets and liabilities over space and time, often under conditions of risk or uncertainty. Finance can also be defined as the art of money management.Β Wikipedia

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5 Easy Ways to Facilitate Accounts Payable

ForΒ aΒ businessΒ toΒ functionΒ smoothly,Β itΒ needsΒ freeΒ workingΒ capital.Β BusinessesΒ oftenΒ sufferΒ dueΒ toΒ theΒ cashΒ trappedΒ amongΒ accountsΒ receivable,Β accountsΒ payable,Β andΒ inventory.Β AccountsΒ payableΒ shouldΒ notΒ beΒ neglectedΒ justΒ becauseΒ itΒ isΒ aΒ back-officeΒ function.Β StreamliningΒ accountsΒ payableΒ isΒ aΒ keyΒ strategyΒ toΒ maximizeΒ cashΒ flow.Β MostΒ ofΒ theΒ businessΒ ownersΒ thinkΒ thatΒ delayingΒ paymentsΒ willΒ keepΒ maximumΒ cashΒ flowΒ butΒ itΒ will,Β inΒ turn,Β affectΒ theΒ relationshipΒ withΒ theΒ vendorΒ andΒ resultΒ inΒ delayedΒ deliveryΒ ofΒ orders.Β ThisΒ processΒ willΒ messΒ upΒ theΒ streamliningΒ ofΒ theΒ workflow.Β Contrarily,Β earlyΒ paymentsΒ toΒ vendorsΒ bringΒ benefitsΒ inΒ theΒ formΒ ofΒ discounts.   VendorΒ relationshipsΒ areΒ criticalΒ forΒ smoothΒ accountsΒ payableΒ  TheΒ foremostΒ stepΒ inΒ anyΒ businessΒ transactionΒ isΒ toΒ haveΒ aΒ smoothΒ relationshipΒ withΒ theΒ materialΒ suppliersΒ orΒ vendors.Β IfΒ youΒ haveΒ aΒ badΒ reputationΒ withΒ yourΒ suppliersΒ inΒ termsΒ ofΒ delayedΒ payments,Β rectifyΒ theΒ situationΒ asΒ soonΒ asΒ possible.Β ItΒ isΒ healthyΒ forΒ yourΒ businessΒ toΒ establishΒ aΒ trustingΒ relationshipΒ withΒ yourΒ suppliers.Β BeΒ openΒ withΒ yourΒ vendorsΒ aboutΒ difficultiesΒ inΒ payingΒ ifΒ suchΒ anΒ occasionΒ arisesΒ andΒ thinkΒ ofΒ aΒ commonΒ solutionΒ forΒ theΒ paymentΒ plan.Β ContactΒ yourΒ supplierΒ firstΒ aboutΒ earlyΒ deliveriesΒ orΒ lateΒ paymentsΒ withoutΒ ignoringΒ theirΒ calls. AΒ goodΒ relationshipΒ withΒ vendorsΒ willΒ openΒ upΒ yourΒ businessΒ networkΒ andΒ attractΒ aΒ lotΒ ofΒ goodΒ deals.Β ThisΒ canΒ beΒ achievedΒ byΒ organizingΒ yourΒ vendorΒ list.Β SimplifyΒ theΒ accountsΒ payableΒ processΒ byΒ streamliningΒ theΒ invoices.Β WithΒ anΒ increasingΒ numberΒ ofΒ vendorΒ accounts,Β theΒ processΒ ofΒ accountsΒ payableΒ getsΒ complicated.Β ItΒ isΒ hardΒ toΒ keepΒ trackΒ ofΒ eachΒ vendorΒ accountΒ orΒ invoiceΒ andΒ itΒ willΒ eventuallyΒ resultΒ inΒ missingΒ aΒ payment.Β MismanagedΒ accountsΒ willΒ leadΒ toΒ hardshipsΒ downΒ theΒ road.Β ItΒ isΒ betterΒ toΒ keepΒ aΒ trackΒ ofΒ accountsΒ andΒ recordΒ themΒ asΒ soonΒ asΒ theyΒ come.Β KeepΒ trackersΒ andΒ remindersΒ forΒ dueΒ billsΒ toΒ neverΒ missΒ aΒ paymentΒ onΒ time. DitchΒ theΒ paperΒ andΒ goΒ digitalΒ withΒ yourΒ payments AccountsΒ payable,Β whenΒ doneΒ withΒ paperΒ receipts,Β becomesΒ aΒ tiresomeΒ andΒ time-consumingΒ process.Β PaperΒ storageΒ leadsΒ toΒ misplacedΒ andΒ lostΒ invoices.Β ItΒ isΒ theΒ underlyingΒ causeΒ forΒ error-proneΒ accountsΒ payableΒ andΒ turnsΒ intoΒ aΒ costlyΒ mistake.Β MakeΒ useΒ ofΒ theΒ latestΒ digitalΒ technologyΒ forΒ accountsΒ payableΒ toΒ improveΒ productivity.Β TheΒ invoices,Β purchaseΒ orders,Β andΒ deliveryΒ receiptsΒ willΒ neverΒ getΒ lostΒ withΒ digitalΒ trackingΒ andΒ uploading.Β ItΒ savesΒ aΒ lotΒ ofΒ timeΒ whenΒ itΒ comesΒ toΒ findingΒ invoicesΒ asΒ digitalΒ invoicesΒ canΒ beΒ easilyΒ searchedΒ withΒ dateΒ orΒ vendorΒ name. DigitizationΒ bringsΒ betterΒ invoiceΒ trackingΒ andΒ makesΒ itΒ easierΒ toΒ assessΒ theΒ accountsΒ payableΒ operations.Β BusinessesΒ getΒ clarityΒ andΒ controlΒ overΒ cashΒ optimizationΒ andΒ canΒ developΒ betterΒ strategiesΒ toΒ runΒ aΒ businessΒ successfully.Β ItΒ givesΒ aΒ clearΒ viewΒ ofΒ whichΒ invoicesΒ areΒ paidΒ andΒ whichΒ areΒ due.Β ItΒ isΒ alsoΒ easyΒ toΒ addΒ commentsΒ onΒ theΒ invoicesΒ toΒ giveΒ feedbackΒ withoutΒ forgetting.Β TheΒ bestΒ partΒ ofΒ goingΒ paperlessΒ isΒ enhancedΒ theΒ visibilityΒ ofΒ cashΒ receiptsΒ forΒ allΒ purposesΒ rightΒ fromΒ vendorΒ informationΒ toΒ taxΒ purposes.Β ItΒ isΒ easierΒ toΒ trackΒ andΒ retrieveΒ invoicesΒ on-demandΒ withΒ digitalΒ technology. AutomationΒ orΒ standardizationΒ ofΒ accountsΒ payableΒ workflow StartΒ byΒ centralizingΒ theΒ vendorΒ databaseΒ fromΒ allΒ departmentsΒ ifΒ youΒ areΒ managingΒ anΒ organization.Β ThisΒ processΒ isΒ goodΒ atΒ eliminatingΒ redundancyΒ andΒ dataΒ entryΒ errors.Β ItΒ willΒ alsoΒ cutΒ downΒ theΒ processingΒ timeΒ ofΒ ordersΒ andΒ payments.Β SetΒ upΒ remindersΒ toΒ eliminateΒ missingΒ onΒ paymentsΒ andΒ toΒ haveΒ aΒ clearΒ ideaΒ ofΒ expenses.Β CentralizingΒ theΒ vendorΒ databaseΒ willΒ makeΒ itΒ easyΒ forΒ theΒ respectiveΒ authoritiesΒ toΒ approveΒ theΒ orderΒ andΒ paymentΒ processes. AutomationΒ servesΒ theΒ businessΒ goalsΒ inΒ aΒ betterΒ wayΒ asΒ purchaseΒ ordersΒ canΒ beΒ createdΒ easilyΒ fromΒ theΒ pre-existingΒ records.Β ItΒ makesΒ theΒ processΒ ofΒ purchaseΒ muchΒ easyΒ asΒ itΒ worksΒ onΒ pre-approvedΒ purchasesΒ withΒ aΒ setΒ budget,Β fixedΒ timeΒ constraintsΒ forΒ delivery,Β standardΒ termsΒ ofΒ negotiationΒ onΒ discountsΒ andΒ preferredΒ vendors.Β TheΒ automationΒ sendsΒ theΒ purchaseΒ orderΒ orΒ deliveryΒ orderΒ toΒ specifiedΒ authorityΒ withoutΒ lengthyΒ conversations.Β AutomationΒ alsoΒ helpsΒ inΒ simplifyingΒ theΒ processΒ ofΒ checkingΒ deliveriesΒ andΒ bills.Β ThisΒ streamlinedΒ processΒ willΒ enhanceΒ productivityΒ andΒ hastenΒ invoiceΒ processingΒ withΒ minimalΒ errors. SeparateΒ VendorΒ portals SettingΒ upΒ separateΒ vendorΒ portalsΒ willΒ makeΒ itΒ easyΒ toΒ trackΒ orders,Β deliveries,Β andΒ paymentsΒ withoutΒ worryingΒ aboutΒ theΒ needΒ toΒ speakΒ toΒ authorizeΒ andΒ deliveryΒ representatives.Β ItΒ worksΒ wellΒ inΒ organizationsΒ thatΒ spendΒ daysΒ andΒ weeksΒ sortingΒ outΒ allΒ theΒ vendorΒ requestsΒ andΒ updates.Β SettingΒ upΒ vendorΒ portalΒ willΒ simplifyΒ theΒ processΒ ofΒ invoiceΒ submissionsΒ andΒ reduceΒ theΒ risksΒ ofΒ paymentΒ delays.Β VendorΒ portalsΒ fallΒ underΒ automatedΒ workflowΒ whichΒ willΒ eliminateΒ delaysΒ byΒ trackingΒ invoiceΒ status.Β Also,Β bothΒ theΒ vendorΒ andΒ theΒ businessΒ organizationΒ canΒ provideΒ notesΒ regardingΒ specialΒ requestsΒ orΒ exemptionsΒ forΒ aΒ specifiedΒ purchaseΒ order. TheΒ invoiceΒ submissionΒ andΒ approvalΒ byΒ respectiveΒ authoritiesΒ areΒ doneΒ withΒ greaterΒ accuracy.Β TheΒ timeΒ spentΒ onΒ trackingΒ andΒ generatingΒ invoicesΒ isΒ drasticallyΒ reducedΒ withΒ vendorΒ portals.Β SinceΒ portalsΒ comeΒ withΒ goodΒ encryptionΒ technology,Β theΒ entireΒ processΒ isΒ secureΒ andΒ safeΒ forΒ use.Β ItΒ reducesΒ theΒ costsΒ relatedΒ toΒ manualΒ effortΒ andΒ savesΒ time.Β TheΒ futureΒ ofΒ accountsΒ payableΒ reliesΒ heavilyΒ onΒ vendorΒ portalsΒ forΒ aΒ streamlinedΒ workflow.Β ThisΒ kindΒ ofΒ automationΒ isΒ essentialΒ forΒ theΒ well-beingΒ ofΒ aΒ successfulΒ business. DetectΒ andΒ eliminateΒ accountsΒ payableΒ fraud TheΒ onlyΒ routeΒ forΒ moneyΒ toΒ leaveΒ theΒ businessΒ isΒ throughΒ anΒ accountsΒ payableΒ transaction.Β KeepingΒ aΒ vigilantΒ eyeΒ onΒ accountsΒ payableΒ willΒ helpΒ toΒ detectΒ andΒ preventΒ fraudsΒ thatΒ areΒ drainingΒ theΒ cashΒ flowΒ inΒ aΒ business.Β ScanΒ forΒ theΒ invoiceΒ oddsΒ likeΒ billsΒ withΒ theΒ sameΒ invoiceΒ numberΒ andΒ finalΒ payableΒ amount.Β AccountsΒ payableΒ fraudΒ shouldΒ beΒ detectedΒ inΒ theΒ earlyΒ stagesΒ beforeΒ itΒ canΒ crippleΒ aΒ business.Β LookΒ forΒ humanΒ involvementΒ inΒ theΒ automatedΒ processΒ toΒ findΒ redΒ flagsΒ ofΒ fraud.Β CheckΒ forΒ theΒ dubiousΒ amountΒ ofΒ unaccountedΒ vendorsΒ withoutΒ approval.Β CheckΒ forΒ increasedΒ paymentsΒ withoutΒ anyΒ changeΒ inΒ theΒ quantityΒ ofΒ purchaseΒ order.Β InvoicesΒ withoutΒ specificΒ detailsΒ ofΒ theΒ vendorΒ canΒ beΒ fraudulentΒ play. TheΒ aboveΒ 5Β waysΒ whenΒ doneΒ properlyΒ withΒ careΒ andΒ attentionΒ willΒ helpΒ businessesΒ ofΒ anyΒ sizeΒ toΒ prosper.Β FollowΒ bestΒ practicesΒ withΒ vendorsΒ andΒ leverageΒ technologyΒ toΒ yourΒ advantageΒ toΒ facilitateΒ accountsΒ payable. Author’sΒ Bio:Β  I’mΒ currentlyΒ workingΒ asΒ aΒ ChartedΒ AccountantΒ withΒ PayrollΒ OutsourcingΒ Company.Β IΒ haveΒ aΒ greatΒ passionΒ forΒ outsourcedΒ accountingΒ services.Β InΒ aΒ previousΒ coupleΒ ofΒ years,Β IΒ haveΒ workedΒ withΒ bigΒ andΒ smallΒ clientsΒ acrossΒ numerousΒ continents.Β IΒ haveΒ aΒ keenΒ interestΒ inΒ outsourcingΒ payrollΒ processing,Β accountsΒ payableΒ outsourcing,Β BPOΒ outsourcing,Β outsourceΒ finance,Β outsourcingΒ bookkeeping,Β offshoreΒ BackΒ officeΒ services,Β etc.