Tips for Managing Accounts Payable

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. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! 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   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter Invoicing Workflow Automation Telegraph - Workplace Distractions Automation Cost Saving Communication Channels Work Culture Workflow Management Software Effective Workflow Management Focus on Important Tasks Risk Management _________ 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. 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