How to Streamline Accounts payable

Best Practices in Accounts Payable at the times of global competition and tough economic circumstances, every organisation needs to lower its operating costs and to streamline its operations. And one of the best ways to do so is creating an efficient accounts payable operation. Inefficiencies cost money, they cost time and they cause a great deal of frustration. But after you adopt the best practices in this solution paper, your organization can quickly reap the following benefits:

• Reduce the costs of processing invoices by 25 to 50 percent
• Improve invoice processing efficiency and accuracy
•  Reduce paper by up to 90 percent  and virtually eliminate lost documents
• Gain greater financial control and visibility
• Speed invoice payments to improve vendor relationships and to receive early
pay discounts
• Resolve exceptions and discrepancies much faster, saving you time and money
(and lots of aggravation)

We have identified six repeatable best practices that, when followed correctly, enable you to:

1. Get rid of the paper
2. Reduce manual and ad-hoc processes
3. Handle exceptions and discrepancies in a timely manner
4. Gain incremental value
5. Measure and benchmark performance
6. Say NO to managing technology and YES to managing the AP process

Check list - To setup a new vendor

Do you check your master vendor file before setting up a new vendor?
Do you check if you have already set up the vendor?
Do you take it one step further?

Before setting up a new vendor do you check to see if you have a vendor already set up with the same address or TIN. Taking this extra step will prevent those few vendors who may have been set up using a DBA or some other name from slipping through. True, you may have two different vendors with the same address, but they won’t have the same TIN. This extra step only takes a minute or two to execute but could save your organization thousands of dollars down the road.

Check list before setting up a new vendor

1.Every new vendor should be verified to approved documents(such as contract amendments,verified correspondance etc)
2.Check for Duplicate vendors on file, be careful about how the vendor name is entered

All new vendor addresses or changes should be carefully verified with the help of Google map or a smiliar site. It is alway easy to check a vendor's office or location.

Genesis of Easy Accounts Payable Service

Welcome to easy accounts payable solutions:

I've a small team of talented accounts payable experts to deliver easy outsourced accounts payable process for your business. We use best practices and high levels of quality to process our client's accounts Payable efficiently and accurately. You can leverage our expertise to transform your payment activity by creating, reviewing, and approving documents related to vendor payment & related activities.

Benefits you win from my Accounts Payable service. You can

• Reduce your Accounts Payable processing costs by 20% to 50%
• Gain better management control over the Accounts Payable process
• Get expert opinion & implement best practices to your company
• Eliminate or reduce the burden of managing in-house staff

Apart from offering back-end solutions for your Accounts payable department, we streamline your process without the headache and expense of deploying additional resources.