Superior Accounts Payable processing is essential for profitable and effective business operations.
Every organisation is familiar with the often time-consuming task of accounts payable, no matter what kind of industry its in. Paying suppliers for services or goods is all part of the mechanics of good business operations. Regardless of size, every organisation needs to ensure this process is well managed to maintain smooth and seamless operations. Failure to pay on time for things such as goods, utilities and services can have a dramatically negative effect on business operations. A small, local restaurant will have the same problems as a large, multi-national company, if both fail to pay their overhead expenses. Sooner or later, they will suddenly find their operations at a stand still.
One thing is clear: Technology holds the key toward transitioning accounts payable from a cost centre into a profit centre and making the AP professional’s job strategic and even more relevant. The problem, industry watchers say, is that there’s no “one size fits all” solution, and each department is left to cobble together its own set of tools to fit its individual needs. So should an AP department automate or not? It’s a tough call. Some aren’t sure where to begin, how much to automate, or what technology to use.
But there’s good news. The number of tools is growing as innovative companies work to solve the AP automation dilemma. And users are largely satisfied with AP automation technologies, once they implement them. As the AP profession gains new stature, capturing the attention of controllers, CFOs, and even CEOs looking to cost saving and preserve precious dollars in an economy is always changing, companies that offer solutions in AP technology are racing to come up with ways to improve speed and accuracy in processing payables.