Taking Accounts Payable to the Next Level
When it comes to the modern perception of accounts payable, many people still imagine a department that relies heavily on paper and manual processes. However, with modern advances in technology, there are many opportunities for accounts payable professionals to have their processes simplified with the help of accounts payable automation. Enterprise-level AP automation and e-invoicing can help a department be more successful at improving the operations of their companies, while also striving for higher levels of overall efficiency, control, and intelligence in the areas of finance and operations. So how can accounts payable managers leverage current technology trends to drive both financial and operational value for their entire organization? There are a few integral steps for taking accounts payable to the next level and accomplishing those goals.
Step 1: Automation of Current Processes and Exceptions
To begin AP’s evolution into a company function that is viewed by everyone as strategic, accounts payable teams must have the capability of reducing exceptions by using improved processes that find where and why exceptions are occurring. Then, the artificial intelligence and machine learning technology used in an enterprise-level solution can decrease exceptions drastically over time. Investing in accounts payable automation solutions that automate how exceptions are received and handled can smooth the processes of the entire AP department.
Step 2: Gain Executive Support
The second step in taking accounts payable to the next level, is for AP to be sure they have a solid backing from higher ups. To move accounts payable to the highest possible performance levels, AP teams need to be aware of just how valuable of an asset enterprise-level automation is to their department. That way, they can gain executive support for greatly improving the overall operations of their respective organizations. To do so, AP department heads must start developing a strategy for improving the company’s AP brand that involves enterprise-level enterprise automation. Once they’ve done their research and put together a business case, it is up to them to alter any mistaken perceptions that executives or other departments may have about investing in improvements for accounts payable.
Step 3: Leverage Technology
Accounts payable teams can leverage technology by creating a link between enterprise priorities and department-level goals for eliminating any hindrances that AP is facing. By becoming paperless from day one and automating workflow processes, accounts payable can use technology in their favor to demonstrate their value. Additionally, increases in efficiency and decreases in overall processing time will occur as the department’s processes become more automated and, in the end, more affordable.
Path to Success
By following the previously mentioned steps, accounts payable departments have the opportunity of preparing for their future, as they enable their department to function as a strategic partner, rather than just an overlooked part of the organization as a whole. When it comes to taking accounts payable to the next level, improvements in accounts payable technology are a crucial requirement for AP departments to be able to rise to their highest possible performance levels.