Accounts Payable Hub

The accounts payable invoice approval process, which is part of the AP invoice processing and payment processing workflow, is an area that your business can streamline with BPI to yield significant cost-savings benefits.

When it comes to global supplier management, things can get complicated quickly. Every country has its own regulations and you need to know it all. Changes can happen by the day or even by the hour. The task of managing all supplier data can be quite cumbersome and oftentimes, even challenging. So what are the best ways to ensure these global suppliers are market-compliant and on track?

Payment automation is part of the broader spectrum of fintech. It allows an organization to make check, ACH, wire transfers, and virtual card payments through online banking. It goes beyond a simple purchase-to-pay solution that provides an “ok.” and will verify account data.

If you’re evaluating how to improve accounts payable turnover ratio and related AP turnover in days, consider these strategies and best practices. AP automation software is an essential tool for achieving optimal AP turnover days. These recommendations will help your business cut costs, see trends, take early payment discounts, meet suppliers’ needs, recognize financing needs, and better manage cash flow.

Running reports is essential to staying on top of business finances. In order to run the most effective reports possible, an accounts payable department should also have some other best practices in place.

The overriding objective in structuring or restructuring your accounts payable department is preventing fraud through the separation of duties both inside and outside the accounts payable department structure.