For small businesses to see success they first must see into their cash flow. Having visibility into spend management can help companies avoid common errors and create a clearer vision for future growth. In an article for The Progressive Accountant, Christal Bemont, SVP & GM of the Small, Midsized and Nationals business unit, explores how to get a better grasp of your AP management. “Closely managing spend in real-time can be crucial to a company's survival,” she says.
Here are two of Christal’s tips for getting a better handle on cash flow:
- Track everything: Effective spend management starts with tracking where money is coming from, and where it is going. Concur data shows that small businesses receive an average of six duplicate invoices totaling more than $12,000 each month. But, having an up-to-date view of where money is going can prevent these oversights and possible duplicate payments.
- Automate AP processes: There are many benefits to streamlining your invoice and expense processes with automation. You’ll need less time to manage and produce invoices, meaning an increase in productivity and staff efficiencies. Automation will also lead to cost reductions associated with invoice processing – upwards of $511 for every 1,000 invoices processed, according to IDC.
For more ways to improve your AP management processes, read the full article on The Progressive Accountant.