Enterprises are increasingly aware that paper and people-based processes lead to high AP transaction cost and missed business opportunities. In a recent study, approximately half of the organizations interviewed stated that they had problems with manual data entry, inefficient processes and manual routing of invoices for review and approval.
Accounts Payable automation technology has opened several doors for companies especially when payment automation leads the way. An automated electronic payment program can offer many advantages such as time-savings, controlled expenses, user-friendly platforms, reduced risk of payment fraud, add flexibility, and peace of mind.
According to a detailed three-part survey of CFOs conducted by Ernst and Young*, CFO's feel now, more than ever before that there are four different initiatives or tasks they must perform in order to be effective. The importance of each of these four had become a higher priority compared to just three years earlier.
Most accounts payable departments could use help running more efficiently. These 3 tips will help get the little things done and focus on the more important duties for a better accounts payable process, while keeping you're accounts payable department safe and secure.
Being great at what you do means being as efficient as possible. Accounts payable and accounts receivable departments can be full of inefficient processes that can hold a company back. In this article, we will help identify the six wasteful areas and activities that can kill your business efficiency.