Optimising Your AP Workflow: 5 Tips for Accountants
As an accountant, having an optimised accounts payable (AP) workflow is essential for managing your clients' financial obligations accurately and efficiently, allowing you to better serve your clients and contribute to their success.
Here are some tips that will help build an optimal AP workflow for your accounting practice:
- Define roles and responsibilities: It is important to clearly define the roles and responsibilities of each member of the team. This will help to ensure that everyone knows what is expected of them and that tasks are not duplicated or overlooked.
- Centralise AP data, tasks, and communications: Establishing a single source of information across the entire team can help team members stay informed and coordinate work effectively. It also prevents data being stored in across multiple platforms.
- Automate repetitive tasks: Automating repetitive tasks, such as data entry, invoice matching, or ABN and GST validation checks can save precious time and reduce the risk of manual errors.
- Build a connected tech stack: Be selective of the tech stack you decide to use. Select software that not only integrates with your current ones but through its integration, reduces repetitive tasks for you. For example, Paytron’s integration with Xero runs on a unique two-way sync – All bills are instantly reconciled in Xero once payments are made and all invoices are pulled straight from Xero into Paytron from payment so you don’t have to do double duty.
- Review and optimise the workflow regularly: It is important to review the workflow and AP process regularly to identify any areas that may be causing delays or inefficiencies. Regular upkeep of the workflow helps to continually improve the overall efficiency of the finance team and AP process.
By following these tips, you can build an optimal AP process that runs efficiently and effectively. Ultimately helping to increase your level of service to clients and enabling you to scale your accounting firm easily.
Optimise your AP workflows with the help of Paytron
Paytron keeps it simple for all accountants when it comes to the AP process. With features like automated invoice capture, approval workflows, a Xero integration, and more. Paytron helps you manage all the A to Zs of your client’s business spend, centralising data under one roof to create a straightforward AP process for you and your clients.
Try Paytron for free today