Tips for Managing Accounts Payable

The Justin Goodbread Show

In episode 123 of Financially Simple, Justin lists his tips for managing Accounts Payable.

Keeping track of expenses and making sure the bills are paid on time is so important! Justin gives 19 tips on how to best manage the tasks, and create a best-in-class system that will be able to operate with minimal interference by the Business Owner.

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BLOG/TRANSCRIPTION:

BLOG: How to Streamline Your Accounts Payable Process

TIME INDEX:

00:31 - Tips for Managing Accounts Payable

01:40 - 1 - Start Early

02:50 - 2 - Get Your Workers Focused

04:21 - 3 - Have Effective Communication

05:36 - 4 - Don’t forget the Human Factor

06:19 - 5 - Apply the 5W1H approach

07:16 - 6 - Adopt the RACI Model

08:38 - 7 - Follow the KISS Principle

08:52 - 8 - Encourage Your Team to Share Ideas

09:29 - 9 - Simplify the Accounts Payable Process

10:20 - 10 - Review Records for Optimisation

11:09 - 11 - Cross Off Finished Items

11:18 - 12 - Batch Similar Tasks Together

12:09 - 13 - Delegate Tasks to People With the Most Experience to Complete Them

12:15 - 14 - Manage Risks Intelligently

12:38 - 15 - Know the Status of a Particular Workflow

13:13 - 16 - Leverage Technology

13:50 - 17 - Reduce Accounts Payable Fraud

15:21 - 18 - Vendor Terms may be Negotiable

16:05 - 19 - Reduce CFO impact to Verification Process

16:41 - Wrap Up

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BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

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The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

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