Accounts payable are not always a priority for small businesses. Instead, they are more concerned with chasing up customers who have fallen into arrears. This is perfectly understandable, but forgetting to pay your bills is not the best way to build trust with suppliers. It could also lead to credit problems if you are consistently late paying bills.
Often, all that is needed are a few simple tweaks to your workflow process, so let’s look at how you can streamline your accounts payable department.
Keep it Simple
The more complicated you make the process, the longer it will take. Paying bills each time someone sends you an invoice is understandable, but paying random invoices at different times of the day is a massive time drain.…Continue reading