Trends Impacting Accounts Payable
The success of accounts payable automation in the business world is opening doors to greater business efficiency and productivity. CFO’s and Accounts Payable leaders can vthe newest trends in AP automation, which will assure that they retain their uniquely competitive edge.
Philip Bartolini discusses these trends in more detail in his article “The State of ePayables 2017:The Next Generation of ePayables”.
A Mobile Future
The importance of mobile applications in accounts payable is already well documented. The wide use of the smartphones worldwide makes these applications a wise investment. The availability of mobile applications in accounts payable allows for a more fluid workflow as transactions can be analyzed and approved anywhere a smartphone can be used. This is an important development in today’s business environment, where department leaders are being called upon more often to travel to remote locations.
Robotics are not something to be feared by the business community, but something to be welcomed. They allow for the mundane, repetitive activities of the accounts payable department to be handled by machines that never grow tired and almost never make a mistake.
This frees up the average business to utilize employees for what they were really meant to do: the higher functions of accounts payable. The accounts payable employee of tomorrow will be called upon to interact with their company in a much greater way than before, performing tasks that have a direct bearing on the profit of the organization.
Shared Technology and Efficiency
The internet functions at its best when it is shared. The input of multiple users in a collective platform allows for the introduction of fresh ideas, and a level of interaction that is not possible any other way.
Shared technology brings people and processes together in a more structured, centralized fashion. As organizations look into the future, with shared technology, the future is looking bright. There are more new sources than ever that help make accounts payable even more efficient. A good example of how new technology has helped change organizations is electronic invoices. From a paper invoice to an electronic invoice, this transformation has been profound.
Higher Forms of Analysis
The analysis of daily business transactions in an attempt to find new ways to save money is crucial in today’s competitive business market. This is the cornerstone idea behind dynamic discounting in accounts payable, and the reason it has had such a surge of success. The methods of analytics of financial data are sure to be affected by the dashboard software introduced by AP automation.
Electronic invoicing is ever-changing, accommodating itself to the trends and needs of the future business world. Accounts payable leaders should welcome this change, as it will result in a more efficient and smoother process for everyone involved.