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Avoiding the 8 Common Pitfalls of Accounts Payable Automation for Success

In this insightful guide, Christopher Elmore unveils the essential strategies to successfully navigate the complexities of accounts payable automation. You’ll discover the 8 pitfalls to avoid, the importance of selecting the right service provider, and the steps to ensure an efficient automated process. From understanding automation's basics to organizing your project for success, this resource is designed to help professionals streamline their accounts payable, improve communication with vendors, and ultimately enhance their financial operations.

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Avoiding the 8 Common Pitfalls of Accounts Payable Automation for Success

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  1. 8 Pitfalls of Accounts Payable Automation Christopher Elmore – Secrets to a Successful Accounts Payable Automation

  2. Agenda • The 8 Pitfalls of AP Automation • What is Automation • How to Stay Out of the Pit…. Everyone Loves a Good Spreadsheet • (but first)…. A Story

  3. ….a little story Does this sound familiar

  4. The List • Run and send GL Report • Print GL Report • Get GL Report to person for meeting • Find out if Check has been cut and sent to an old employee • Email response back to HR on status of the check • Check invoice from CEO for approval and validity • Enter invoice for CEO • Do special check run for CEO • Report back to CEO that the invoice was entered and the check was sent • Fix the printer • Find out from your boss if IT should have fixed the printer. • Talk to IT about their service to the accounting department (in a non-threatening way) • Try to get over the paranoia of confronting IT • Research the $7.52 invoice • Call the vendor back on the status of the $7.52 invoice • Explain to the vendor that you are not the right person to call the next time they have a question about payment • Enter the daily stack of invoices into the AP system • Match and file invoices that were cut yesterday

  5. The 8 • Know Your Environment • Selecting a Service Provider • Getting Organized • The Project • Training and Going Live • Communicating with Vendors • The Evaluation • The Future

  6. What is Automation?

  7. Paper Process

  8. Automated Process

  9. CPI – How to Stay Out of the Pit! Determine your Cost per invoice

  10. Step 1: Map

  11. Step 2: People 6 3 12 2 2 2

  12. Step 3: Time 35 45 60 75 40 22

  13. Step 4: Money $ $ $ $ $ $

  14. Step 5: Determine CPI Total Co$t Total Invoices CPI =

  15. CPI What do you think your CPI is?

  16. Have a Plan 35 45 60 75 40 22

  17. Back to our story

  18. The List • Run and send GL Report • Print GL Report • Get GL Report to person for meeting • Find out if Check has been cut and sent to an old employee • Email response back to HR on status of the check • Check invoice from CEO for approval and validity • Enter invoice for CEO • Do special check run for CEO • Report back to CEO that the invoice was entered and the check was sent • Fix the printer • Find out from your boss if IT should have fixed the printer. • Talk to IT about their service to the accounting department (in a non-threatening way) • Try to get over the paranoia of confronting IT • Research the $7.52 invoice • Call the vendor back on the status of the $7.52 invoice • Explain to the vendor that you are not the right person to call the next time they have a question about payment • Enter the daily stack of invoices into the AP system • Match and file invoices that were cut yesterday

  19. The List • Run and send GL Report • Print GL Report • Get GL Report to person for meeting • Find out if Check has been cut and sent to an old employee – • Email response back to HR on status of the check-. • Check invoice from CEO for approval and validity – • Enter invoice for CEO– • Do special check run for CEO–. • Report back to CEO that the invoice was entered and the check was sent. – • Fix the printer – • Find out from your boss if IT should have fixed the printer. – • Talk to IT about their service to the accounting department (in a non-threatening way) – • Try to get over the paranoia of confronting IT • Research a $7.52 invoice– • Call the vendor back on the status of the $7.52 invoice– • Explain to the vendor that you are not the right person to call the next time they have a question. – • Enter daily stack of invoice into the AP system– • Match and file invoices that were cut yesterday –

  20. To get your copy of The 8 Pitfalls of Accounts Payable Automation and/or Argument to Automate Go to: www.costperinvoice.com Contact me: celmore@avidxchange.com Learn More About CPI Analysis

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