Over the past decade, proactive finance managers have extended their AP team's contributions beyond just managing back-office disbursements to providing more timely qualitative data for improved strategic decision-making. While still focused on achieving operational goals such as increased productivity, improved accuracy, and faster turnaround times, Accounts Payable (AP) managers are also trying to deliver greater visibility for better indirect and addressable spend control, cash management, and supplier base risk management.
Despite widespread application of technology for core accounting and Enterprise Resource Planning (ERP) functions, a persistent pain point for finance managers is the fact that a significant number of invoices are still paper-based.
Optimizing AP processes and eliminating manual invoice processing tasks empowers finance managers to achieve bottom line savings – and derive strategic benefits vital to remaining competitive. The operational benefits are cost reductions and faster, more transparent, easier to audit AP processes. Strategic benefits include better spend control, enhanced early payment flexibility, and overall improved cash management. This guide discusses both operational and strategic benefits of automating AP processes in greater detail.