Streamlining The Payables Process
IS YOUR ACCOUNTS PAYABLE PROCESS COSTING YOU MONEY?
“Lots of companies are still making payments via manual cheque”
The Credit Crunch has brought sharp focus on cutting costs and frugal spending for many UK businesses. And for many organisations, the Accounts Payable department is the last point of control before cash leaves the bank. It is therefore surprising to find businesses with Accounts Payable departments running inefficiently; still using cheques instead of electronic payments and not fully using their systems.
Sound familiar?
SOBERING FACTS
Here are some facts about some businesses we’ve helped:
· Lots of companies are still making payments via manual cheque which is a significant cost (approx £3-£5 per cheque)
· BACS implementations are viewed as relatively easy – and they generally are, but few are unaware of the bigger picture. These ‘small’ projects can have a big impact on the organisation and culture
· Many Dynamics GP users are not aware of best practices, integrations or automation that can streamline their Purchase Ledgers
IS THIS YOUR ORGANISATION?
· A typical company that Eclipse is able to assist, is running “cash” accounting instead of accrual basis. Accounts Payable departments wait for payments to clear their bank statement before entering invoices and payments into the system. This means their Bank Reconciliation always balances, but the true state of their Cash In Hand remains elusive
· Sometimes there is confusion on how the system affects accounting processes and procedures, eg. Reconciling Control Accounts (GP Customers), Grouping Suppliers into Classes or using Payment Terms to filter payments.
· User often find it difficult or tedious liaising with their Bank regarding BACS Output File requirements. Similarly, the bigger picture of Payment Authorisation process is overlooked when enabling electronic payments
WE’RE HERE TO HELP
We’re here to help guide you out of these challenges. This year, we are running the first in a series of Webinars designed to show you hot better use your system in our Credit Crunch economy.
Sign up today to discover how you streamline your Accounts Payable Process and save your company money. We’ll show you:
How to Move towards Accrual Accounting of Payables
· More accurate visibility of Cash Status
· More accurate Bank Reconciliation
· More accurate recording of spend
· More controlled Payment Cycle
The Framework for Systemising Payments
· Greater awareness of the Systems involved in Paying Suppliers
· Greater awareness of the Accounting Process and what systems support the function
· Understanding Roles that support the above Systems
· Understanding what you need to know when liaising with your Bank
These benefits will save you time and money which is so vital in the credit crunch economy. Find out how this ‘small’ project can really reap rewards for your Accounts Payable Process.
