Cut Cost in Accounts Payable

2023-08-22

Are you ready to revolutionize your accounts payable department's efficiency? Discover how to reclaim more than 25 hours of valuable time with proven strategies that go beyond automation. Join Mary Schaeffer, the visionary founder of AP Now, as she unveils a series of actionable tactics aimed at streamlining your accounts payable processes and driving cost savings. In this insightful talk, Mary uncovers the hidden inefficiencies that might be holding your AP team back. From oddball tasks that have crept into your workflow to allocating resources effectively, you'll gain insights into identifying and eliminating roadblocks that drain time and resources. Mary shares how a seemingly harmless act of goodwill by a boss led to an avalanche of non-value adding tasks being dumped onto the AP team, illustrating the importance of strategic task allocation.

Link to How Not to Make Mistakes in Accounts Payable https://youtu.be/sTftdsXsVbM&list=PLtL6rWSXZ-HdI07dhxDjdq0XbA8owsVz7

Link Paper Checks: More Expensive than You May Realize https://youtu.be/cl3v7yDh8vA

Link Accounts Payable Best Practices No More Paper https://youtu.be/79IQQLYEGJY

Link to Vendor Credits: Why They May Be Disappearing https://youtu.be/Kog6wm8lr_k

But the journey doesn't end there. Dive into the world of payments, where paper checks have long reigned as an inefficient monarch. Discover how to challenge this status quo by transitioning to electronic payment methods such as ACH and p-cards. With every payment optimized, you'll free up more time for tasks that truly matter. Mary doesn't stop at payment methods. She advocates for an environmentally conscious approach by urging suppliers to embrace digital invoicing. Witness the transformation as paper is replaced by streamlined electronic workflows, ensuring both efficiency and sustainability. In the pursuit of efficiency, Mary introduces the power of dual screens for your AP team. Investing just a few dollars in this upgrade can yield substantial dividends in terms of productivity and morale. Uncover the ripple effect of increased screen real estate and witness how it can lead to a significant reduction in paper usage. Vendor credits can be a hidden treasure trove of cost savings, yet many organizations overlook them. Mary sheds light on the importance of requesting vendor statements and conducting regular audits to ensure that your organization collects every penny it's owed. The talk concludes with a reflection on the inevitability of mistakes in the business world.

Mary guides you through the process of addressing errors, investigating their root causes, and implementing process adjustments to prevent recurrence. Learn from these experiences to refine your AP function and drive continuous improvement. Join us in this insightful journey toward transforming your accounts payable function. From practical strategies to real-world examples, Mary Schaeffer equips you with the tools to reshape your processes, reclaim lost hours, and pave the way for a more efficient and productive future. Don't miss out on this opportunity to enhance your AP processes and propel your team toward success. Hit that play button, subscribe for more enlightening content, and share your thoughts in the comments section below. Together, we'll revolutionize accounts payable efficiency and drive impactful change.

00:00 Introduction 01:19 Tactic 1 Eliminating Non-AP Tasks

02:33 Tactic 2: Eliminating non-value add Tasks

03:56 Tactic 3: Eliminating the King of AP Inefficiency

04:41 Tactic 4: AP - A Magnet for Paper

05:30 Tactic 5: The Inexpensive Fix that Pays back

06:40 Tactic 6: Uncovering Hidden Vendor Credits

08:06 Tactic 7:

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