Jan 21, 2019
In episode 123 of Financially Simple, Justin lists his tips for managing Accounts Payable.
Keeping track of expenses and making sure the bills are paid on time! Justin gives 19 tips on how to best manage the tasks, and creating a best in class systems that will be able to operate with minimal interference by the Business Owner.
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00:31 - Tips for Managing Accounts Payable
01:40 - 1 - Start Early
02:50 - 2 - Get Your Workers Focused
04:21 - 3 - Have Effective Communication
05:36 - 4 - Don’t forget the Human Factor
06:19 - 5 - Apply the 5W1H approach
07:16 - 6 - Adopt the RACI Model
08:38 - 7 - Follow the KISS Principle
08:52 - 8 - Encourage Your Team to Share Ideas
09:29 - 9 - Simplify the Accounts Payable Process
10:20 - 10 - Review Records for Optimisation
11:09 - 11 - Cross Off Finished Items
11:18 - 12 - Batch Similar Tasks Together
12:09 - 13 - Delegate Tasks to People with the most Experience to complete them
12:15 - 14 - Manage Risks Intelligently
12:38 - 15 - Know the Status of a Particular Workflow
13:13 - 16 - Leverage Technology
13:50 - 17 - Reduce Accounts Payable Fraud
15:21 - 18 - Vendor Terms may be Negotiable
16:05 - 19 - Reduce CFO impact to Verification Process
16:41 - Wrap Up
Neither Financially Simple, LLC nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances. Justin Goodbread, CEO of Heritage Investors, LLC, a Registered Investment Advisor, is an Investment Advisor Representative who offers advisory services through Heritage Investors. The information contained within the podcast is for informational purposes only and not considered investment advice. Seek help from a competent Financial Advisor.