If you search for accounts payable advice, you find lots of helpful articles with titles like “Top 25 Accounts Payables Best Practices” or “Top 10 Tips for Improving Accounts Payable.” What those articles don’t mention is that previous accountants came up with best practices after learning the hard way. Good advice grows on trees, but what about bad advice? What would that look like? Here is some accounts payable advice so bad that nobody would possibly offer it today.
Do Everything By Hand
You don’t need automation! Do everything by hand. It might be slower but you can be confident of your results because it’s hand on!
Of course, nobody uses a completely manual system today. Manual processes are error prone and subject to lots of delay. Sure, it’s slower, but it’s also more likely to be put off due to procrastination. You don’t want to delay AP processing, because that means you’ll have no idea how your business is doing financially. Automation in accounting covers everything from your cloud accounting package to automatically processed accounts payable.
Just Keep Track of Your Accounts In Your Head
Why do you need to worry about accounts payable? I know how my finances are doing without looking at the numbers.
There are a lot of skilled accountants with incredible memories who are perfectly capable of keeping track of account balances in their heads. But good accounting means having real numbers available when you or your clients need them.
Proper bookkeeping is needed to really know what your accounts look like. Entryless is a great tool to avoid doing everything “in your head,” because it keeps track of your accounts payable automatically. Suddenly, the finances of the business are a concrete, recorded number instead of an error-prone guess.
Good Advice is Out There
The reason there is so much good advice for accounts payable out there is because we’ve been working to make accounting a better practice for a long time. Modern technology can help you avoid many common AP pitfalls, which is why systems like cloud accounting and Entryless are so helpful.
Check out Entryless today and get started with the best accounts payable practices. We process 300 bills per month for free!