Evaluate your Payments to Identify Probable Issues.


Just like Account Receivables, you might also find something missing or neglected in the payable process. Most of the time it looks like everything is running smoothly but somewhere, the internal glitches cannot be seen. To prevent such glitches, there are certain methods available to check the health of your accounts payable. However, we understand that this process might be exhausting but these will help you determine the holes in your business and fill them up.

Performing a health checkup of your Accounts Payable

  • To make your business stand among the vertical sectors, you need to understand the Key Performance Indicators (KPIs) that are suitable for your position. Measuring your invoices against the supporting documents can change your business metrics and automate the process.
  • You may consult an AP automation expert to set up dashboards and reports to bring transparency to the process and increase efficiency.
  • Emphasize the areas of improvement and identify the places where you are going wrong. This will help you recognize the suppliers triggering nonconformities, who compel to use the manual working process for your payable department and approvers and the approvers extendedly delay the process.
  • We strongly advise evaluating your KPIs quarterly to identify issues at the right time. The detected issues should be promptly looked after to evade more problems.
  • Check whether all payments are done timely or not. This will help you maintain a healthy relationship with your vendors. Who knows you might get a good opportunity to negotiate and receive discounts.
  • Calculate how many duplicate invoices you have received.

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