Managing Project Teams Experience

Maximizing Working Capital

Having a strong accounts payable department helps to maximize working capital for the business. I would first centralize the organization’s accounts payable activities in an effort to improve them. This will make it possible for me to make sure that all members of the account payables department follow the rules and guidelines established by the company.

Establishing Supplier Portals

Establishing supplier portals is just another method of enhancing an organization’s account payables procedure (Benjamin, 2013). As a result, I would set up a thorough supplier portal with information on payments made, delivery dates, and product shortages, among other things. The account payable team will be able to increase process accuracy and efficiency thanks to this procedure.

Importance of Effective Communication

For the effective accounts payable process, better communication skills and practices are crucial. Effective communication facilitates transparency not only in the accounts payable processes but all processes in the business (Wong, 2007). I would, therefore, share information with the team regularly. Moreover, I would hold meetings regularly to make sure that every member of the team is providing his best. I would also establish a detailed listing of the responsibilities and roles of each employee in the team. I would use the checklist to supervise the activities in the accounts payable process and gauge the progress of crucial tasks. Moreover, I would also introduce frequent team huddles in the process. This will aid all employees in the team to see the bigger picture in terms of realizing how several roles and responsibilities function together.

Introducing Reports

I would also introduce various reports that will enable the team to work efficiently. The aging report will portray the aging process of each invoice whereas the invoice lifecycle report will establish and portray an invoice’s life cycle.

References

Benjamin, C. (2013). 5 Tips for successfully managing accounts payable. Retrieved on May 3,

2017 from https://www.mastercardbiz.com/2013/08/19/5-tips-for-successfully-managing-accounts-payable/

Wong, Z. (2007). Human factors in project management: Concepts, tools, and techniques for inspiring teamwork and motivation. Retrieved on May 3, 2017 from https://online.vitalsource.com/#/books/9781118224632/cfi/0