There Is No Money in Paying Bills...or Is There?

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The benefits of having a strong accounts payable process include:

  • Complete visibility to every invoice
  • Electronically route invoices for approval
  • Perform 2 or 3 way matching
  • Eliminate manual data entry
  • Never lose another invoice
  • Eliminate any keying errors
  • Take all discounts
  • Have complete control
  • Stop duplicate payments
  • Eliminate filing & retrieving
  • Streamline approvals
  • Automate emailed invoices
  • Eliminate manual data entry
  • Monitor the progress of invoices

In conclusion part of financial flow is the ability of companies to process transactions in an efficient and timely manner. Companies that put in processes to facilitate efficient and timely processing of accounts payable invoices will minimize their total invoice processing costs.

While there is no money in paying bills, businesses can certainly minimize the costs associated with paying those bills.

Related articles: 

3 Foundations To Maximize Cash Flow

The 4 Major Business Obstacles of Change

3 Action Steps to Financial Management

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About the author

Alex Hart

Alexander J. Hart of Cuban American decent is principal and founder of Hart Vida Raffo. With over 25 years of experience, Alex specializes in the areas of tax strategy and planning, business process improvement, and capital consulting. Whether advising on capital and financing strategy or consulting for privately-held professional services firms, Alex has the expertise and practical know-how to help any company optimize their business processes and make tactical financial decisions. He began his career at IBM in sales operations and accounting. He was a Controller for the N.Y. Post, has been a CFO for a medical device company, and has written a tax column called “Ask the Tax Guys” for Micro-Cap Review. Alex is a professional member of A.L.T.A. (Affiliated Lawyers of the Americas), a member of the National Association of Tax Preparers, and is a contributing author and mentor at Latin Business Today. Alex graduated from St. John’s University with a B.A. in Spanish and his M.B.A. in Finance. He obtained his accounting degree from Pace University.

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