10 Ways AP can cut cost and be more efficient

In times like these cost cutting is the buzzword in the market to stay afloat through the prevailing economic conditions. AP managers have many levers to play with in order to reduce cost and remain efficient. We present to you industry best practices for cost cutting in the AP department.

1. Automate workflows
2. Route invoices for approval electronically
3. Archive digitally
4. Accept electronic invoices
5. Outsource AP services
6. Downsize internal team
7. Move to ACH
8. Put forms online
9. Report on expenses
10. Use email for vendor interaction