Accounts Payable Best Practices

Aria’s Accounts Payable Outsourcing Services Provide Centralized Control over Payables and Other Best Practices While Reducing Costs by 25% to 50% annually

Most finance organizations spend a large part of their Finance budget on processing Accounts Payable.  This is due to the largely manual effort required to enter invoices into the accounting system and, if applicable, match those invoices to purchase orders and receipts.  Yet while Accounts Payable is critical to ensure that authorized invoices are paid accurately, it is often not managed to world-class standards due to the time and expense required to implement best practices.

Is your organization utilizing Accounts Payable best practice to stay in control?  If you can answer YES to the following questions, you are. 

We know how many invoices we receive on a monthly basis

We have defined and well-documented business rules for matching invoices to Purchase Orders and receipts and approval levels that are followed explicitly by managers and Accounts Payable staff

We catch all duplicate invoices and have very small tolerances for invoices that do not match the PO or receipt

We know the number and dollar value of outstanding invoices (liabilities) before they are approved or matched

We know how many of our invoices do not match the PO or receipt and why

We know which of our managers have invoices in their inboxes waiting for approval and their dollar value

We receive invoices centrally and route those invoices to the managers that know whether the invoice is accurate, no matter where the manager is physically located

We have images of all invoices and can look them up on the web quickly and easily, eliminating time spent filing and retrieving invoices

We let our vendors look up invoice information and payment status on the web to reduce the volume of phone calls to our staff

If you answered no to any of the above questions, you should consider Aria’s Accounts Payable Outsourcing Services.  Aria’s Accounts Payable Outsourcing Services provide the following benefits:  

25% to 50% annual A/P processing cost savings without capital investment

Greater, centralized control over payables across the enterprise, irrespective of physical location 

World-class quality and accuracy, ensuring accurate matching to Purchase Orders and receipts and elimination of duplicate and erroneous payments

Real-time tracking and reporting of all payables from the time they are received from the vendor through disbursement, for client employees and their vendors

Reporting of A/P matching exceptions by vendor and exception type for improved procurement and vendor relations

Automated routing of payables for approval by business unit managers irrespective of location, enhancing control and manager productivity

Elimination of the headache of recruiting, hiring and managing clerical staff

The ability to focus on strategic, pertinent finance issues instead of non-value added activities such as A/P