By Rowan Lemley
Working in this industry for as long as I have it is really encouraging that companies are beginning to realize that Accounts Payable is no longer just a window onto the world, but a key driver in business performance.
Not only are these companies interested in better understanding how they can benefit by moving their AP capabilities to the next level in terms of performance, they are also looking to redefine the basis for how they manage accounts payable interactions. What’s more is that they’ve realized that underlying automation and process visibility is key to driving new levels of efficiency and effectiveness.
At its most basic, invoice automation can enable AP organizations to improve their invoice processing efficiency by over 50%. When you dig a little deeper it can also become a tool to help organizations implement new strategies to help improve both working capital and supplier management- thus, becoming more effective a well.
Regardless of an organization’s sophistication, technology and enhancements to internal processes can enable Accounts Payable (AP) to become a value stream in itself for not only the business but its suppliers too.
I can’t stress enough the value of automating accounts payable. If your AP department, like many others today, is struggling with inefficiencies and a lack of visibility into company finances, look no further than AP automation. The benefits of automating the invoice handling process are hard to ignore:
- Gain critical visibility and control over the entire invoice handling process
- Secure dramatic efficiency gains by streamlining processes and eliminating manual tasks
- Achieve substantial cost savings and discount capture
- Realize full compliance to company policies and industry regulations
- Recognize better management of cash, working capital and spend, and improved forecasting
With the right technology and process underpinnings, AP can totally transform and extend its role and overall purpose. It can help organizations to perform better even in tough economic climates.