Setting goals for a specific department or position can establish expectations, encourage development and help evaluate employee performance. When developing goals for accounts payable staff members, make sure they are measurable, attainable within a set period, challenging but realistic and fundamental to your overall business goals. Consider your accounts payable best practices, challenges and desires to create objectives suited to your company.
Your goal setting should begin with your hiring practices and ongoing training offered to current accounts payable employees. Determine whether you will only consider job candidates with postsecondary education, certification, or other training and experience. At the very least, set goals to only consider applicants who are detail oriented, possess specific math and computer skills and are familiar with the accounts payable process. In addition, set training goals. For instance, you may establish that new hires should be able to use your accounts payable system independently within two weeks of starting.
Correct data input, payments, and filing are key to the success of an accounts payable role or department. When setting goals regarding accuracy, you may also want to incorporate goals and guidelines that help ensure precision. For instance, you could establish specific targets regarding the frequency of journal and ledger entry reconciliations, supervisory reviews of entries, calculations and payments and perhaps third-party audits, too. Doing so may encourage more attention to detail and will quickly reveal any mistakes so you can correct them.
Cutting costs is always a commendable objective, and setting relevant accounts payable goals can help your business achieve this. For example, you may aim to transition from physical to cloud-based storage within a specific period, aspire to implement an automated system that reduces the total hours of labor dedicated to accounts payable tasks or endeavor to approach vendors, requesting discounts on invoices that are paid early and in full.
Efficiency and Timeliness
In addition to reducing efforts and resources required to complete tasks, improving your accounts payable department’s efficiency and timeliness can help you reach your other goals. Creating goals in these areas depends on your current system but might include adapting advancing technology within a specified time frame, such as adapting optical character recognition technology for invoice entry by the year’s end or implementing electronic check signatures before the next software upgrade. Consider the time-consuming tasks that might be automated or eliminated to help your business succeed.