Running your own business is exciting stuff. There’s no management to call you to account, but that advantage is compensated by all the other elements of entrepreneurship that require your attention. Most SMBs have the secret (or not so secret) wish to grow. Pretty difficult in the year 2013. Payables might not be the first issue you turn to fulfil this wish, but Basware has identified seven success strategies and four deadly traps when handling invoices that directly influence your company’s growth potential.
Beware the four deadly traps!
The Maze of Confusion
Too many team members are getting involved in the finance process. Creating a maze of confusion compounded by limited financial training (only 38% and 56% of SMB team members in US and Europe taking formal courses).
The Administrative Beast
As your business grows, so does your number of suppliers, purchases, invoices and other types of transactions. The paper within your organization is increasing.
The Dense Fog
Ineffective, manual procurement and invoicing processing practices rob your business of visibility: lack of oversight of purchases, errors in inputting data, minimal controls over approvals, missing or lost invoices.
The River of Cash Flow
Without financial transparency, you’ll lack a clear understanding of where your money is going and how to strategically manage your costs with suppliers.
Follow the seven strategies for success
Automating the accounts payable process
Moving to 100% paperless invoice handling process
Using automated workflows to reduce the drain on time and resources
Handling payments strategically
Leveraging the cloud
Buying smarter and controlling costs
Archiving electronically for search and security
Read Basware’s latest e-book “Where is the Money Going? Unlocking the secrets to SMB success” for more details on the above strategies.
Cláudia Wada on