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July 01, 2021 • News

6 Steps to Optimise your Accounts Payable Processes

Invoice processing doesn’t have to be hard.

Being able to track and sort invoices at any stage and by any key information should be frictionless.

With Paprika, you can manage everything within a single solution to simplify and speed up your processes. 

Efficient operation of invoice processing and making the whole procedure paperless ensures a better collaboration and transparency across your teams, whilst aiding your company to be environmentally conscious and help the green initiative!

By utilising real time information as an analytical accounting tool you’ll be able to make smarter decisions, from supplier choices, trends, cashflow projections and workflow pressure points which are often passed on to clients and employees.

What's the bottom line?

- Speed up invoice processing time

- Develop stronger suppliers relationship

- Reduce errors from manual entries

- Improve your cashflow visibility and easily track progress

- Transparency and instant feedback

- Real time data to make informed decisions

- Use a range of analytical accounting tools tailored to your needs

How to?

1. Submit, Manage, Approve invoices from anywhere

Utilise our Apps whilst on the go. Draft and Submit Expense and Credit Card Claims directly from phones or i2, and benefit from having all receipt copies accessible from anywhere and easily downloadable in one PDF.

Create automated alerts to get notified instantly. With the new working models and the rise of remote working, it’s important to ensure that the right people know what’s going on as it happens. Statuses can become part of your process, alerting people to where they are in the pipeline or when action is required.

When the status is changed on a job, client, supplier, task, order or claim, you can now create bespoke email alerts. This means that you can give the recipient of the email: instructions on what they should do next; a link to the area of the system requiring action, attach images, provide a contact point for questions… All this in your own branding. 

2. Digitalise workflows

Create invoices directly from purchase orders, attach PDFs and turn invoices paperless.

Eliminate the mundane printing, scanning and sharing processes of supplier invoices, instead put them all in one system. Invoice Register Browser allows you to attach and view PDFs of your Supplier Invoices directly to your POs, or individually to each Purchase Invoice you intend to post. Not only time saving, it ensures that your remote working benefits from enhanced collaboration and allows the whole team to work from real time data, whilst aiding your company to be environmentally conscious.

Capture paper and electronic invoices easily with OCR: Invoice automation moves requests for payment into your system more quickly and consistently, so you always have a clear and accurate view of your spending. Reducing manual data entry also helps minimise humans errors associated.

3. Credit Control overview

Meet payment deadlines and compliance requirements by specifying each payments term on your Suppliers.

Get a quick overview of what’s unpaid, paid, partially paid or overdue with colour coding in Supplier Tracker.

Save time and money with batch payments that allow you to pay multiple bills in one simple transaction using Payment Runs

4. Ensure accurate and up to date financial reporting

Set up real time KPIs dashboards that provide more visibility across the entire AP process. Here are some examples: Control Monthly Spend, Account Payable in the next 30 days, Debits & Credits to Bank by Month, Total Billed this month, Total Invoiced YTD, Debtors/Creditors overview, Overheads...

Scheduled reports and conveniently delivered to your inbox:

- Job Cashflow report: Analyse your current net cash position on Jobs.

- Aged Creditors report: Get to know expected payments more accurately. Use the aging intervals for better cash flow planning.

- Purchase Analysis report: Examine your previous payments to visualise your cash flow and keep track of late payments.

- Forecasting tools: Obtain a greater visibility into your spending and income at the detail level that suits you (Job, Revenue Code, Estimate) with Job Forecaster program. Make it easily control spending and prepare for what comes next

Have a look at our key steps guide and all the programs in Paprika that can help with your accounts payable processes:

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