No one loves to handle accounts payable-not even a professional accountant. First of all, it's cash going out of your business, not coming in. And, when you have to sit down and really get in the weeds with the invoices you owe, you can feel like you're wasting hours of time you should be investing in making money for your business.'
Beyond being sort of a pain, accounts payable has a way of getting a little out of hand. You let a week go by without entering something; another where you'll "deal with it later." It seems harmless, but missing invoice due dates means late penalties, or even permanently damaging relationships with your suppliers. Some might not even allow you to work on trade credit any longer, and force you to pay with cash up front. That's why it's important to consider some accounts payable organization ideas.
If you're responsible for your company's invoices, then it's extra crucial that it's organized, error-free, and easily trackable. Read on for a simple and manageable way on how to streamline accounts payable, no matter what shape it's in now.