Accounts Payable Automation: You Can't Afford to Get Left BehindPress clipping published May 9, 2017
Accounts payable has been undergoing a paradigm shift from a back-office afterthought to a core, strategic business function.
Companies of all sizes are realizing lower invoice processing costs, mitigating payment risk, and improving supplier relationships through AP Automation. Your company just can't afford to get left behind in the arena accounts payable automation.
Accounts payable is a hot topic among finance leaders, yes accounts payable. Why?
- Real time data for better cash management has become one of the top priorities for CFOs
- Payments fraud is still rampant
- Manual paper based processes consume time, space and money
- Companies are realizing the strategic value of improving supplier relationships
- The right technology is affordable to any business size and cost-effective
Accounts payable involves multiple parties and business systems. As such, there are many pain points that when addressed can lower costs, improve relationships and improve productivity within and beyond the walls of accounting & finance. These pain points include:
- Discounts Lost- it is very expensive not to take discounts.
- Costly Payment Methods- many companies still use checks which are the least cost-effective payment method by miles.
- Cumbersome Controls- manual controls over multiple systems create bottleneck in workflow that cost time and money.
- Ineffective Working Capital Management- poor accounts payable visibility creates poor cash forecasting which impacts the bottom line.
- Poor Accounts Payable Visibility- hides opportunities to negotiate discounts with suppliers.
- Poor Supplier Relationships- poor accounts payable visibility creates tension in supplier relationships and leads to hour and hours of time wasted resolving accounts payable processing issues.
Accounts payable automation offers the cure for many accounts payable headaches. The strategic outcome of accounts payable automation done right includes:
- Eliminates Payment of Duplicate Invoices
- Eliminates Sub-optimal Payment Methods
- Improves Supplier Relationships
- Allows for Discounts to be Captured
- Removes Errors Caused by Manual Input
- Mitigates Payments Fraud Risk Exposures
- Improves Internal Controls and Creates Clear and Detailed Audit Trails
- Transparency & Visibility Create a Culture of Continuous Improvement
- Allows more employee focus on strategic activities
Ready to unlock the strategic value of accounts payable at your company?
Want to lean more? View the webinar recording of Accounts Payable Automation: You Can't Afford to Get Left Behind.
Article by Ernie Humphrey, CEO & COO at Treasury Careers