Sunday, May 9, 2010

FUSION 2010

Posted by Mark Brousseau

During an interactive networking luncheon today at FUSION 2010 at the Gaylord Texan Resort & Convention Center in Grapevine, Texas, attendees shared the best operations tips that they have implemented in the past year. Below are some of the top operations tips shared by attendees:

• Develop an AP Roadshow to visit different departments and operations sites to explain what AP does, what information it needs to do its job effectively, and how departments can work with AP.

• Implement a document imaging and retrieval system for finance documents. Having instant access to document images helped one company eliminate one full-time equivalent.

• Integrate TIN Matching with Oracle.

• Scan your invoices!

• Scan AP documents on the front-end, not the back-end, to achieve more workflow efficiencies.

• Combine your travel and entertainment (T&E) and purchasing card into one card to reduce administration and capture more rebates.

• Leverage remote deposit capture to eliminate trips to the bank.

• Automate, automate, automate!

• Do away with paper checks for T&E. Use debit cards for employees without bank accounts.

• If you have international travelers, educate them on VAT reclamation requirements.

• Trust is not a control! A “trusted employee” could be stealing from your company.

• When choosing a software solution, ask how they initiates upgrades or you might find yourself back at square one. Also understand whether the vendor will convert existing data.

• Eliminate, automate, delegate -- EAD!

• Eliminate as much paper as possible from your workflow.

• Whenever you are implementing new technologies or processes, be sure to get buy-in from line-level staff.

• Strive for open communication with your staff.

• Learn to walk away!

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