The Accounts Payable process can be difficult to manage. Business owners will often complete one step of the process but forget to record it properly. Mistakes like this can result in accidentally over- or under-stating your expenses. When the process is poorly managed, bills can get misplaced, overlooked, or paid late. All of this reflects poorly on the business.
At the Bean Team, we believe very strongly in having an efficient AP process. With our system, there are fewer errors, quicker turn-around time, and everything is recorded and documented for future reference. Here is an example of what our process typically looks like:
- Bills from vendors come directly to us.
- We scan and save copies of each bill.
- Each bill is entered into QuickBooks.
- We get approval from the manager or business owner to pay the bill.
- We print a check using checks the business owner provides, or pay with an approved credit card.
- The bill is then marked as paid in QuickBooks.
- If a check is printed, it will be mailed straight from our office.
We also incorporate Bill.com into our workflow to further automate the AP process. With this web-based payables solution, managing your AP can be done with ease via a mobile app. We also can assist with setting up bills to be paid on an automatic schedule. This ensures that nothing will be paid late again.
Most issues that arise related to the vendor will be handled by us, unless instructed otherwise, or if we do not possess the needed information. When we are the point of contact, the AP process can move more quickly. Constant back and forth between business owners and vendors can interrupt the flow of work, as well as cause friction between the two. Having an intermediary, like us, helps ensure good business relationships.
For any business, maintaining an effective AP process is a key to success – ask us about how to get started on streamlining your Accounts Payable today!