Pipefy’s Free Accounts Payable Template allows your company to have a centralized and integrated channel for all your payables.
Using this template, streamline you accounts payable process with a standardized and structure workflow, integrate suppliers, and automate approval flows. Start using this template now or read through some best practices before getting started.Use template now
Why is Accounts Payable important for your business?
Accounts payable is money that is owed by a business to its suppliers. Although it’s a back-office function, increasing payables is essential to capital optimization. Management of and the strategy behind the accounts payable process directly affects cash flow, working capital, and relationships with suppliers.
When the process is streamlined and optimized, businesses have more available cash flow and working capital that can be used to fuel growth. Some businesses take the approach of extending payables for as long as possible to maximize cash flow, however this isn’t always the best because it can erode relationships with suppliers.
How can you better manage the Accounts Payable process?
Irrelevant of where your business is in the optimization process, three aspects can generally be improved on in the accounts payable process.
1. Reduce the cost of invoices
By standardizing and streamlining the invoices, your business can reduce the amount of staff needed to manage payables and minimize late payment penalties. If you’re further down the line in your optimization, automation can save money by reducing staff, human-related error, and cost of materials (paper).
2. Build trust with suppliers
Honoring your payment terms with suppliers, or evening creating a habit of paying early can can build tremendous trust. Trust can lead to a positive working relationship that evolves toward mutual benefit that can improve customer service, lead to better products, and inventory consistency.
3. Develop a company culture around optimizing payables
The biggest benefit of optimizing payables is that it frees up working capital and cash flow; however, not all those involved in the account payable process understand the impact their job has on the company’s growth. By creating a culture around the importance of payable optimization, you align employees around the bigger picture of fueling growth.
Best practices for streamlining the Accounts Payable process
Why manage your Finance & Accounting processes in Pipefy?
Pipefy is a powerfully customizable process management software that allows you to build and manage processes without IT skills or code. Reduce the time spent on repetitive tasks and connect F&A processes end-to-end for improved efficiency.
Pipefy enables you to:
- Send emails and email templates directly from the platform
- Establish execution standards to enforce standardization
- Set-up SLAs and reminders so you never miss a deadline
- Automate repetitive tasks and workflow
- Incorporate suppliers into the workflow with public forms
- Use metrics and the secure database to make data-driven improvements
What does an Accounts Payable Template look like in Pipefy?
Pipefy’s Accounts Payable Template is made-up of 5 phases: Screening, Approval, Payment, Paid, and Cancelled Payments. Each phase is designed to help you streamline and standardize the Accounts Payable process.
All incoming invoices arrive in the the Screening phase of the pipe. In this phase, invoices will be reviewed and assigned to the person responsible for authorizing the payment.
Next is the Approval phase where the assignee can approve or disapprove of the payment. They can leave a comment explaining why the payment was approved or disapprove if they choose.
Once the payment is approved, the card moves onto the Payment phase where you will be prompted to select a payment method from a customizable drop-down window. In this phase you can set a reminder to notify you to check on the status of the payment.
Last but not not least, the card is moved into the Paid or Cancelled Payments phases. All information collected can be stored in Pipefy’s secure database to help you standardize and minimize risks.
Pipefy’s templates are easily customizable and a great way to get started on building your perfect process.
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