Using Payables Automation to Survive Economic Downturns
Economic changes can leave an accounts payable department with half of its normal staff, but the same workload. Implementing payables automation can reestablish efficient workflow and payment processes to help bring the situation back under control.
Through high-level automation, full visibility into the approval and payment process increases supplier confidence and the fast approval times provide critically needed precise cash flow forecasting. Supplier portals allow both suppliers and unlimited users on your end to have more control over the invoicing process. Additional payment tools can facilitate quick payment to suppliers while enabling extended terms for the company, opening a previously unavailable reserve of working capital at a critical time in a company’s history.
A high profile corporate project, the highly visible automation of invoice processing allows the payables group to lead company culture in accepting efficiency gains that restore the company to a path of profitability.
Unfortunately, while there can be some signs of an economic downturn, such shifts can often be sudden and drastic. For this reason, it’s extremely important to have payables automation in place before these situations arise. Automation allows your department to better handle sudden changes, as your processes are more in place and invoices are more easily approved and paid.
High-level accounts payable automation can help your department be better prepared for the future, as well as better handling the tasks of today.
Contact an iPayables Implementation Manager to find out more.