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 is so important! Justin gives 19 tips on how to best manage the tasks, and create a best-in-class system that will be able to operate with minimal interference by the Business Owner.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG/TRANSCRIPTION:
BLOG: How to Streamline Your Accounts Payable Process
TIME INDEX:
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
USEFUL LINKS:
Financially Simple on Facebook
Telegraph - Workplace Distractions
_________
BIO:
Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This
podcast is distributed for informational purposes only. Statements
made in the podcast are not to be construed as personalized
investment or financial planning advice, may not be suitable for
everyone, and should not be considered a solicitation to engage in
any particular investment or planning strategy. Listeners should
conduct their own review and exercise judgment or consult with
their own professional financial advisor to see how the information
contained in this podcast may apply to their own individual
circumstances. All investing involves the risk of loss, including
the possible loss of principal. Past performance does not guarantee
future results and nothing in this podcast should be construed as a
guarantee of any specific outcome or profit. All market indices
discussed are unmanaged, do not incur management fees, costs and
expenses, and cannot be invested into directly. Investment advisory
services offered by WealthSource Partners, LLC. Neither
WealthSource Partners, LLC nor its representatives provide legal or
accounting advice. The content of this podcast represents the views
and opinions of Justin Goodbread and/or the podcast’s guests and do
not necessarily represent the views and/or opinions of WealthSource
Partners, LLC. Statements made in this podcast are subject to
change without notice. Neither WealthSource Partners, LLC nor its
representatives, the podcast’s hosts, or its guests have an
obligation to provide revised statements in the event of changed
circumstances.
Certified Financial Planner Board of Standards,
Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED
FINANCIAL PLANNER™ certification mark, and the CFP® certification
mark (with plaque design) logo in the United States, which it
authorizes the use of by individuals who successfully complete CFP
Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.