Arnon Dror is one of the very few successful businessmen who stand out in the financial world. This Hebrew University MBA graduate has more 2 decades of valuable experience under his belt. He even has the distinction of occupying the office of Vice President in many prominent companies. Such organizations include US channel group,Creo Inc., Scitex, Kodak Creo Americas, and Presstek. Many of the officials and executives of these concerns credit him for enhancing their establishments’ fortunes. They even admit he has an impressive track record in the area of corporate reconstruction. Almost all of them explain his expertise extends to many diverse fields. These include cash flow management, international taxation, internal control, ERP integration, corporate mergers, and IT systems.
Arnon Dror Creo Americas – How can entrepreneurs streamline their account payable activity?
This financial professional says most entrepreneurs don’t think about streamlining their accounts payables. They spend most of their time finding ways to improve marketing, customer service, logistics, and sales. These believe such activities go a long way in improving their bottom-line profits. However, these proprietors fail to understand an important fact. They need to purchase essential raw materials, repay their lenders or meet their suppliers’ obligations on time. Otherwise, these proprietors are going to face very serious cash flow problems.
This specialist points out entrepreneurs need to implement a viable strategy to streamline their account payables. Only then can they see an improvement in their establishments’ liquidity position. They just go to browse through Arnon Dror Creo Americas tenure on the internet. They’ll find out why they need to take this course of action. He further states implementing the following 2 important steps to achieve this objective:
- Accounts payable should be a core management responsibility
Entrepreneurs don’t develop viable business relations with their suppliers overnight. It takes a lot of time to gain the trust and confidence of these trading partners. This is why these businessmen need to appoint a responsible employee to oversee this activity. Such an individual may have a substantial stake in their organization. This staff member should take the necessary steps to ensure the prompt payment of these vendors’ bills. Moreover, he/she should hold regular meetings with them sort out any discrepancies in such invoices. This ensures the vendors continue to extend favorable credit terms to the proprietors.
- Automate the entire accounts payable process
This is the most important step which entrepreneurs need to take to streamline this activity. They should sit across the table with their suppliers to discuss this issue. These businessmen can then decide on suitable EDI and ERP system to adopt and implement. Taking such a step goes a long way in improving the invoice approval and payment mechanism.
Moreover, these owners can do all this online. They’ll be significantly reducing the chances of errors and frauds entering the process. This helps them to save a lot of money. This is one aspect which they can’t afford to overlook.
Streamline the accounts payable process can work wonders for entrepreneurs in the long-run. It can help them to improve their cash flow position. Implementing the above 2 important steps can help them to accomplish this task. They can even go through the Arnon Dror international profile on the internet. They’ll obviously come to know more about this aspect.