As competition is increasing in most business sectors, organizational leaders are looking for their departments to start playing a more strategic role in both controlling costs and driving growth. Of course, AP departments are no exception—but the fact is that […]
We are living in the age of technology, but unfortunately, many accounts payable departments are stuck in the past. Even though technology is advancing more every day, some departments are still utilizing low-level processes, or even entirely paper processes. These […]
In today’s accounts payable departments, concise financial reporting is crucial. A poorly reported accounts payable department can result in omitted liabilities, understated expenses, and a shortfall in supplies to the company. Errors in manual reporting or low-level automation may result […]
Over the last two years, the workforce has seen burnout across departments become more and more of a reality. The accounts payable department is no exception. In fact, manual and low-level accounts payable departments face an even higher risk of […]
In any organization, the products and people are essential to its success. What is necessary to keep the organization alive, however, is the consistent movement of money. If transactions are slow to process and even more sluggish to activate, you’re […]
PO matching, or purchase order matching, is the process of matching a customer’s purchase order to a supplier’s invoice to make sure all the information correctly lines up. Not all companies use purchase orders, but they are widely popular amongst […]
In any organization, it’s highly important and useful to measure accounts payable for effectiveness. The importance of evaluating effectiveness is obvious; improvements are impossible without regular evaluation of the current process used. However, without proper automation, effectiveness becomes very difficult […]
With an enterprise-level accounts payable automation solution, automated approvals are a standard feature that should be included within the solution. The ideal automated approval workflow consists of hierarchical routing/business rules, automated escalations, and vacation re-routing. With these features, your accounts […]
Historically, the accounts payable department has been thought of as an overhead expense, not as a revenue generator or as important to future strategy. This view of AP has been, for the most part, grounded in truth–until now. With enterprise-level […]
