Brianna Blaney

Accounts Payable Best Practices

Successful companies are always looking for ways to optimize internal processes, including accounts payable. No matter the size of your business, there will always be the need to pay bills.

Thus, it’s in your best interest to understand and update your accounts payable best practices on a regular basis. Here are a few tips and tricks to get you there:

Ch. 9 Scaling – Everything You Need to Know About AP Automation

Automation is the key to quickly scaling any business. Especially when dealing with high growth. Since invoice management requires tedious data entry and robust communication, it’s a prime candidate for automation technology that can take over monotonous and repetitive tasks.

Ch. 8 Advanced Capabilities – Everything You Need to Know About AP Automation

In addition to automating the procurement process, a more advanced tool like Tipalti can offer features that far exceed simply paying bills. Here are a few examples of how accounts payable automation software can benefit a business in other ways:

Ch 7: The Best Accounts Payable Software Reviews Comparison – Everything You Need to Know About AP Automation

With AP automation software, businesses can reduce hiring and assign more significant roles to accounts payable staff. Advanced AP solutions include capabilities that range from tax forms to global payments and fraud detection.

Ch. 4: How to Select the Best AP Software – Everything You Need to Know About AP Automation

Automation can revolutionize the accounts payable process; a business simply needs to find the right tool. There are many solutions out there, so when it’s time to start looking, which platform fits best? Here are a few factors to consider during the search:

Ch. 3 Basic Capabilities – Everything You Need to Know About AP Automation

Ch. 1: What is AP Automation & How is it Profitable for Finance Teams? – Everything You Need to Know About AP Automation

Accounts payable automation helps an organization gather business intelligence from manual workflows. AP technology streamlines accounting operations. The technology plays a significant role in the optimization of financial systems and the cross-collaboration of teams.

OFAC

The Office of Foreign Assets Control (OFAC) administers and enforces economic sanctions based on U.S. foreign policy. The goal is to enforce national security against targeted individuals and entities such as:

ERP for Small Business

A company cannot expand without creating ordered channels that work together. The next step for a growing business is to consider enterprise resource planning (ERP) software. It helps to align operations and position your business for growth.

Accounts Payable

Accounts payable is an integral part of any business. It helps to make financial processes simple and more manageable. Without the AP department, business relationships would crumble and there’d be no room to establish brand trust. A company’s current assets are only as strong as its liabilities.

IPO Readiness Checklist

Enhanced prestige and increased capital make the IPO process an alluring decision for many private companies. However, an initial public offering requires a complex system of evaluation and requirements that must be executed perfectly. Thus, when considering a checklist for the IPO process, it’s usually rather long.

What is a SPAC

SPAC is short for a “special purpose acquisition company.” The intent is to raise money through an IPO (initial public offering) for the purpose of acquiring a private company that already exists. Subsequently, a SPAC has no commercial operations and exists solely for acquisitional purposes.

How to IPO

If you’re thinking about bringing your business public, understanding the entire IPO process is critical. There’s a reason a system is in place for going public. Everything must be done in order, otherwise, you risk serious fines from the SEC.

Stripe Competitors and Alternatives

7 Best Stripe Competitors and Alternatives PayPal Square 2Checkout Authorize.Net Braintree ChargeBee Wise (Formerly Transferwise) As most businesses move from paper to digital, the way we send and receive payments is changing. Online payment processing has become a popular form of transacting, giving customers the ability to easily pay with a debit or credit card.

Operational Efficiency

Operational efficiency is the ratio of a company’s input and output, which determines a system’s overall performance. It’s a measure of how much costs are incurred during a financial activity. In this sense, lower costs equate to greater efficiency.

Procurement Management

Procurement management is about taking control of an organization’s spend. It’s administration over the process of purchasing goods and services, which requires preparation, solicitation, and payment processing.

ACH Transactions

ACH transactions are not as complicated as they sound. It’s just an easier and safer way to move funds. If you’ve ever signed up for direct deposit or paid a bill online, then chances are you’ve dealt with ACH transactions. When running a business, it’s important to understand the mechanics of ACH, including how it works, what could go wrong, and tips to streamline the entire process.

NACHA File Format

You want to integrate as seamlessly as possible with existing accounting and ERP systems. However there are many key steps along the supplier payment process that still require significant manual effort beyond sending out payment instructions to the transfer API for bank, ACH, and wire services.

Vendor Management Solutions

There are hundreds of software vendors online that will offer you the moon and the stars so, some discretion is in order. What might work for a small business could be disastrous for a large enterprise. Here are a few things to consider when choosing the right vendor management solution today:

Accounts Payable Audit

Properly conducted audits are critical for the performance of your accounting department and the health of your company as a whole. Using the right AP procedures ensures the finance department is accurate, transparent, and highly efficient.

Swift Payment

SWIFT payments are transactions made through an intermediary bank that allows you to send/receive electronic payments internationally. The SWIFT network doesn’t actually transfer funds but instead, sends payment orders between banks using SWIFT codes. It’s a means to transfer money overseas quickly, accurately, and securely.

Strategic Sourcing

The strategic sourcing process enables a business to assign value to sourcing decisions by building a diverse supply base. It’s about not putting all your eggs in one basket, as they say, and keeping your options open. Strategic sourcing is a collaborative process that improves efficiency and streamlines operations.

ACH Software

ACH software allows a business to easily create and transmit ACH files. Also called “treasury software,” an ACH payment solution provides a secure, reliable, and timely means of processing credit and debit transactions. The platform functionality helps to maximize your bank’s profitability and elevate the customer experience.

Bank Remittance

A bank remittance refers to funds that are sent or transferred to another entity as payment for services or a product. The word is derived from the term “remit” which means “to send back.” Remittances are sent via an electronic payment system, wire transfer, mail, draft, or check.