Invoices. Payments. Checks. Credit Cards. And paper (lots of paper). These things are par for the course in Accounts Payable. Not much to get excited about for the most part.
Or is there?
The reality is, Accounts Payable is a critically important factor in any company’s working capital. AP levels affect several crucial financial performance measures, including days payable and the ratio of assets to liabilities. Plus, the AP function involves nearly all aspects of a company’s payments, except payroll.
The flip side is that many AP team members don’t realize how critical their role is to the overall success of their company. Accounts Payable Recognition week, which falls in October each year, is the perfect time to remind all AP team members how appreciated and valued they are all year long.
For example, daily actions in Accounts Payable can help prevent payments fraud. Take a look at this article, which highlights ways that AP team members prevent fraud every day just by doing their jobs.
And AP team members exercise due diligence to save money in their organization, such as by following these 10 best practices for paying invoices, which include taking advantage of vendor discounts, convincing vendors to accept card payments, taking steps to prevent duplicate invoices and much more.
This year during Accounts Payable Recognition Week, take some time to acknowledge the work done by your AP team and your AP peers. Bring snacks into the office. Take your team to lunch. Tell your co-worker how much you appreciate him or her. AP is meaningful!
Learn more about Accounts Payable Recognition Week, which is sponsored each year by The Institute of Financial Operations.
And if you’d like to read more about ways to strengthen your Accounts Payable department with automated electronic payments, be sure to check out information on our Electronic AP Solutions. When you partner with WEX for payments success, you to choose the level of payment automation that best fits your AP department’s needs and processes.