Accounts Payable is a fundamental activity for nearly all businesses. Pick any enterprise and you can bet there is an AP function at the heart of financial operations.
The obligation to pay off short-term debt is one that every company must satisfy. But more than that, the process to do it must be efficient and productive…and that’s the challenge.
If you get behind on your obligations you risk missing important financial discounts, defaulting with creditors, and damaging your reputation with suppliers and stakeholders.
Executives Take Control
The stage is set for 2015 to be the year that CFOs tackle antiquated inefficiencies of the accounts payable process once and for all.
According to research from Ardent Partners a majority of AP leaders appear poised, finally, to rise and take control of their department’s destiny. Migrating off of paper-based processes is the top priority for the majority of respondents nationwide (52%), the second priority, improving process efficiency (44%), is seen as an inevitable and requisite benefit once the burden of paper has been removed from the process.
New Focus on AP Efficiency
More and more CFO’s are recognizing that as other areas of business and commerce have become more and more paperless, the accounts payable process in most organizations remains mired in paper copies and manual workflow.
The result is an often costly and people-intensive process that leaves companies vulnerable to competitors and financial executives with a growing unease over the inherent inefficiencies.
Automation Adds Team Value
How do leading financial execs plan to turn things around in 2015? One way is through accounts payable automation – a combination of hardware, software and business systems that works to reduce the inefficiencies that plague the AP process.
By relieving the burden of paper, manual data entry, and other routine and repetitive activities, automation helps AP staff function more productively. The goal of automation is not to replace people with computers, but instead use advanced data capture and workflow techniques to make AP teams more productive and focused on adding value to the organization.
Want to find out more? Download this exclusive executive brief: How CFOs Build World-Class AP Departments with AP Automation.