Unlocking The Strategic Value Of Accounts Payable To Impact The Bottom Line
As companies grow and technology advances, payments get more complex. In turn, businesses are placing added value on Accounts Payable (AP). More finance and accounting professionals are using automation to bring efficiency to their processes in order to transform AP from a back-office chore, to a core, strategic business function. The businesses driving payments and AP innovation, are those that have embraced technology to help streamline processes.
Last week, we hosted a webinar with Proformative titled “Unlocking the Strategic Value of Accounts Payable to Impact the Bottom Line.“ The webinar explored how companies can reduce their invoice processing costs, mitigate fraud and payment risk exposures, improve supplier relationships, and leverage improved visibility. During the webinar we polled the audience to gain valuable insight around their expectations and wishes related to AP.
Unsurprisingly, when we asked the 145 webinar attendees “Which is your management team most concerned about with relation to AP?” almost half reported the top priority is to reduce the time it takes to process an invoice. Beyond that, other concerns include reducing the money spent on the invoice handling process and reducing the number of people working on Accounts Payable.
The best way to cut down on time spent on AP is with automated solutions. By automating the four key steps in the invoice-to-payment process using MineralTree Invoice-to-Pay, businesses can typically reduce time spent on processing invoices and payments by half!
Here are the four key steps to the invoice-to-pay process that need automation to improve efficiency and save significant time and money (our customers usually save at least 60%):
- Invoice capture – No more data entry, just review.
- Invoice approval – Approvals are tracked and visible in one place.
- Payment authorization – Approve payments on-the-go and digitally sign a check from anywhere.
- Payment execution – Consistent process for all payment types with potential to earn rebates.