Streamlining Your Account Payable Using SMART Goals

February 29, 2024
Streamlining Your Account Payable Using SMART Goals

To begin with, it’s necessary to understand the word ‘Accounts Payable’.  It is the sum of money that a business owes to its vendors or suppliers for the orders or services received but not paid for. It is mentioned in the balance sheet of the company under the head ‘Accounts Payable’.

If AP gets automated then it will benefit the business enterprise with more productivity, reduced expenses, and swiftly managed cash flows…thereby providing clarity in the business work, productivity, transparency, and overall progress of the Company.

Understanding the loopholes, and then setting up Smart Goals to mitigate human-made errors.

Smart stands for an accurate and smart way to achieve time-bound objectives.

One has to prepare Smart Goals and then run the same in AP automation mode. Identify the areas where it is necessary to run the automation that is to identify smart goals and then go ahead with this automation.

The best example is the data entry of every invoice manually. It may take loads of time and will be entered with mistakes and errors. After understanding numerous factors like employee strength, talent, available technology, and budget, this software can be installed.

Smart Goals in the form of: –

  •   identifying the best format for feeding the invoices.
  •   identifying invoice approving authorities and laying down appropriate approving procedures.
  •   defining the number of invoices that will be paid monthly.
  •   relevant information for approving the invoices; and
  •   handling various invoice issues.

Once the Smart Goal is identified and worked upon, the automation process of AP can run accordingly.

From the above, it is understood that if Smart Goals have been prepared after taking note of all the errors and issues, then the effective Smart Goals will help to formulate and run automatic AP effectively and efficiently.

Smart goals should be clear, specific, measurable, achievable, relevant, and time bound.

Let us understand every term to define Smart Goals: –

  • Specific means that the problem should be identified in the most accurate and precise manner. If problems are not defined properly then the solution to that problem will also not be proper.
  • Achievable means that the solution provided should be attainable and realistic to achieve. Setting up proper parameters is making things achievable and acceptable.
  • Time Bound means to set up the parameters to be achieved in a defined time. There has to be a real-time defined to achieve the goals.
  • Relevant means it should make sense and it is as per the company’s plan and laid down policies.
  • Measurable means that it can be described in specific terms like quantity, duration, mass, and size…that is making the goal quantifiable.

Many other incentives, discounts, and lesser penalties are also some goals that can be added to this automation. There are lots of challenges, difficulties, and hurdles to carry out any business objective, but if goals are set then one can work to have a win-win situation over the challenges, difficulties, and hurdles and optimize the results to make it more effective and efficient in achieving the desired targets.

Achieving objectives with the use of Workflow Automation Software: –

Identifying the business challenges, and errors, reducing expenses, and speeding up established processes in the accounting departments can be part of Smart Goals that can be defined and accordingly, Workflow Automation Software can be a smart software to achieve the Smart Goals.

Workflow Automation Software can be instrumental: –

  • To send scanned invoices with all defined parameters to the employees of the Company.
  • Identifying the errors, improving processes and procedures.
  • The data is online and can be easily transmitted to the accounting or ERP system.
  • Timely alerts can be issued to employees to complete their tasks.
  • All the required information can be easily fed into the software.

Overall business productivity and efficiency can be achieved by setting up Smart Goals and by adopting the Workflow Automation Software in the Accounts Payable department.


Automate Your Account Payable with Rstsolutions

At RST Solutions, we’re not just about solutions; we’re about transforming your business. As experts in ERP, Business Process Automation, and Supply Chain Management, we specialize in providing consultation, implementation, and support tailored to your unique needs.  

Why Choose RST Solutions?  

  • 20+ Years of Expertise  
  • 360-Degree Analysis Approach  
  • Best-in-Class Integrated Solutions  
  • Improved Service Levels and Compliance  
  • Flexibility and Adaptability for Growth  

 Let’s align your technology roadmap with your business goals. Connect with RST Solutions for a 360-degree transformation – because your success is our priority.   

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