Accounts Payable

How do you streamline the accounts payable process?

Situation:
As a senior financial executive, you probably recognise invoice processing as the single most paper-intensive, people-intensive, and error-prone activity remaining within your organisation today. Streamlining your Accounts Payable process presents a clear opportunity to reduce cost while improving both cash management and supplier relationships.
Critical issues:
Like many organisations, you likely have some or all of the following challenges:
  • High cost of invoice processing (i.e. low invoice/FTE ratio; high cost per invoice).
  • Sometimes paying invalid, duplicate, or unsolicited invoices.
  • Added cost due to late payment fees and/or missed opportunities for early payment discounts.
  • Difficulty effectively managing cash flow and budgets.
  • Strained supplier relationships in Accounts Payable.
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Opportunity:
By gaining a clear understanding of the underlying causes of these issues, and then applying the right tools to address them, you can expect to:
  • Significantly reduce the cost of invoice processing by reducing manual handling.
  • Ensure proper payment by automating validations, PO matching, and approvals.
  • Reduce overall purchase costs by leveraging early payment discounts and avoiding late fees.
  • Improve cash management with greater visibility of invoice status.
  • Improve budget management by correctly allocating costs and providing better visibility of purchase commitments.
  • Strengthen supplier relationships with on-time payment and improved communication.

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