Business Continuity: Accounts Payable Processing
In unprecedented times such as these, some businesses are better equipped to maintain operations than others and while “business as usual” may seem a long shot, it’s certainly not impossible with the right planning and support.
We recently identified that, in the current climate, managing your supply chain
, and the risks involved, is absolutely critical to your organization’s financial health and competitive performance. But it doesn’t stop there. Suppliers, under severe stress of their own, need a payment process that is quick, easy and uninterrupted to provide ongoing services.
Forward-thinking organizations know this.
Anyone relying on paper-based, manual Accounts Payable processes are now challenged - how they are able to receive invoices, how they will get orders validated, how they will receive the necessary approvals, and how they will pay suppliers, are just a couple of key considerations. At best, this is cumbersome, at worst it will result in suppliers not being paid, and the whole supply chain being disrupted.
Accounts Payable Automation tools
mean your business can receive, process and pay invoices no matter where you are. Such AP Automation tools can solve critical parts of Business Continuity:
- Process invoices anywhere, anytime – invoices can be processed, as long as you have an internet connection.
- Executing payments securely and on time to suppliers – you’ll have the ability to control who you pay, how you pay them and when you pay them. You can even pay early to take advantage of early payment terms and maintain your relationships with suppliers.
- Remove reliance upon a paper trail – all invoices and related documents will be captured and stored electronically, eliminating excessive handling of paper documents.
- Have real-time information – you can have real-time visibility of what's happening in your finance operation, unlocking the key information you need for enhanced financial decision making.
- Move suppliers to electronic payments – with the right solution, moving suppliers to accept electronic payments is straightforward and it means payments can be processed anywhere, are faster, secure and less costly.
- Collaborate – no matter where you or your team members are, you can handle exceptions, and route invoices for approval.
If your organization has yet to automate your Accounts Payable
, you are likely unable to ensure complete Business Continuity. Spend Management solution providers such as Proactis are here to help you now!