One of our newest customer’s is looking to scale accounts payable. They have multiple locations and they are growing at 20% a year. Most of their ap team are decentralized, and tied to individual locations. With their rapid rate of growth and other internal projects,it was the right time to look to scale accounts payable. Here are a few of the things that you may want to consider when scaling accounts payable.
Working remotely: With COVID-19 working remotely has been necessary. Some processes and areas have had a harder time with remote work. If your accounts payable team handles paper you this is likely more difficult. The future of work also means that more employees may being working remotely even after the pandemic passes.
Handle the peaks: Many businesses have busy times, this usually means that there can be an influx of invoices. For some businesses their busy season corresponds with the summer, when employees like to take more vacations. Having a system that can handle the peaks is essential to scale accounts payable. OnePosting provides automatic matching purchase orders. If the price, quantity, and PO number matches then the invoice could pass through. There are ways to handle exceptions or larger invoices.
Better support for suppliers: Handling paper is inefficient and so is having to deal with inbound customer support questions. Don’t forget to think about how your new accounts payable solution affects your suppliers. A solution like OnePosting provides a portal where suppliers can see how their invoice is progressing. It also provides feedback immediately if there is an issue with the invoice. This let’s the supplier deal with any issues quickly. This means less inbound calls from suppliers about where their invoice and payment are at.
Integrate with your systems: Having a flexible accounts payable solution that integrates with your finance and other business systems is important. As an example, we are able to pass PO details into OnePosting so that we can match against inkling invoices. Invoice data is then able to pass seamlessly back into the finance system.
If you would like to talk about how OnePosting can help scale accounts payable process book a meeting with us.