Seven payables strategies for turning your business into a success

basware trap Seven payables strategies for turning your business into a successRunning 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.

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