The accounts payable (AP) process is dif cult to tame, yet well worth the effort. The reasons for investing in accounts payable automation are compelling, and in this paper we will make them clear. Yet, while few processes offer such tangible and fast return on an automation investment, many organizations err in judging AP as a low-value activity not worth that investment.
Accounts payable organizations are charged with simultaneously reducing costs, improving performance, achieving regulatory compliance, increasing visibility and enabling the corporation’s strategic initiatives. Not only do these goals conflict at times, they compete for the same resources, limiting AP’s ability to accomplish them.
Many technologies have been applied to the accounts payable process, including financial management systems (ERP), capture, intelligent document recognition, EDI, e-Invoicing, workflow, and the cloud. But industry experts agree that substantial bene ts remain to be realized through an end-to- end invoice and AP process automation that these technologies have not delivered.
As The Hackett Group reports in its 2013 Purchase-to-Pay Performance Study, finance departments continue to seek improvement in a range of efficiency and effectiveness metrics
that include first pass match rate, on-time payment rate, level of spend visibility, compliance to preferred supplier policies, cost per FTE, transactions per FTE, and invoice processing cycle time. This paper discusses why you should move now to capture the bene ts available through implementation of end-to-end Accounts Payable automation.