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50 Ways Accounts Payable Can Cut Costs and Be More Efficient

In IOMA’s (The Institute of Management & Administration) last Accounts Payable management survey, over 500 AP pros told them of the best ways they used to streamline their AP operations to save time—and money. They sifted through hundreds of responses to bring you time-tested cost-cutting ideas for every area of your AP operations.

Here is the breakdown of cost-saving categories: Invoice Processing (5 ways), Invoice Terms and Discounts (4 ways), Payment Processing (7 ways), Duplicate Payments (2 ways), Travel and Entertainment (4 ways), Purchasing Cards (3 ways), Master Vendor File (4 ways), Spend Analysis (2 ways), Technology and Automation (8 ways), Customer Service (2 ways) and Staff Management (9 ways).

6 Page  | The Institute of Management & Administration

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In IOMA’s (The Institute of Management & Administration) last Accounts Payable management survey, over 500 AP pros told them of the best ways they used to streamline their AP operations to save time—and money. They sifted through hundreds of responses to bring you time-tested cost-cutting ideas for every area of your AP operations.

Here is the breakdown of cost-saving categories: Invoice Processing (5 ways), Invoice Terms and Discounts (4 ways), Payment Processing (7 ways), Duplicate Payments (2 ways), Travel and Entertainment (4 ways), Purchasing Cards (3 ways), Master Vendor File (4 ways), Spend Analysis (2 ways), Technology and Automation (8 ways), Customer Service (2 ways) and Staff Management (9 ways).

6 Page  | The Institute of Management & Administration

 

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