Tips for Managing Accounts Payable

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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! Justin gives 19 tips on how to best manage the tasks, and creating a best in class systems that will be able to operate with minimal interference by the Business Owner.

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

USEFUL LINKS:

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Invoicing Workflow Automation

Telegraph - Workplace Distractions

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Focus on Important Tasks

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DISCLAIMER:

Neither Financially Simple, LLC nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances. Justin Goodbread, CEO of Heritage Investors, LLC, a Registered Investment Advisor, is an Investment Advisor Representative who offers advisory services through Heritage Investors. The information contained within the podcast is for informational purposes only and not considered investment advice. Seek help from a competent Financial Advisor.

183 episodes available. A new episode about every 3 days averaging 19 mins duration .