5 Signs You’ve Outgrown Your Accounts Payable Process | Beanworks

▤ Summary

For accountants, getting an invoice approved on time or paying vendors before a looming deadline is always a clear win – but for most finance teams, the reality isn’t that simple. Global oil company Chevron tried preparing for this by setting up dry runs to examine their remote closing efficiency. As your business operations expand, it can be hard for the accounting team to maintain the influx of data and stay on top of deadlines. Whether it’s matching POs, processing invoices, managing expenses or paying vendors, there’s a lot of information that needs to be entered carefully. Vendors are paid according to their preferred methods such as ACH/EFT or virtual credit cards, protecting companies from risks such as fraudulent payments.

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