The Accounts Payable Best Practice Solutions™ are a collection of best-in-class business processes that have been implemented throughout many industries. These Best Practice Solutions™ represent fundamental process changes to the accounts payable business practices to eliminate major transactional components including invoices, check requests, travel advances, etc. In numerous benchmarking studies by various industry groups, these best practices were among the primary methods used by companies who were judged as world class procurement and disbursement organizations. The adoption of these accounts payable best practice solutions generally do not require software changes to current business systems.
Soltec’s Accounts Payable Best Practice Solutions™ include:
Soltec has helped numerous Fortune 1000 clients to achieve the following benefits as a result of the successful implementation of accounts payable best practice solutions:
- Reduced Accounts Payable costs by 90%
- Improved internal control and SOX compliance
- Improved data quality in purchasing, inventory, and financial records
- Improved Working Capital
- Decreased paperwork for accounts payable, operational departments and suppliers
- Elimination of imaging systems and other expensive technology for payables processing
- Elimination of invoice, travel expense report, and check request discrepancy handling
- Increased purchasing material control and payment data quality
- Elimination of employee cash advances and travel reimbursement checks
- Substantial reduction in travel expense auditing work while improving financial controls
- Reduced check processing costs with improved cash flow
Soltec provides Accounts Payable Best Practices education to both business professionals and executives in both web enabled and on-site formats. Please contact Soltec to setup an educational session or to understand how Accounts Payable Best Practices can improve your organization’s financial performance.