The Landscape Of Tech Around Accounts Payable
The full continuum of responsibilities within the Accounts Payable (AP) department stretches from supporting the purchasing process to processing invoices to issuing payments. This work is complicated, time-consuming, and critical, so many growing businesses are looking for new ways to automate and improve key aspects of it. This topic paper explores solutions focused on automating invoice payments.
Today’s core AP functions – managing the Purchase-toPay and Invoice-to-Pay cycles – are essential functions, but they are often inefficient, ad hoc, paper-based, and lacking controls. The result? These processes are costly, inefficient, slow, and risky. Businesses can’t take advantage of early-pay discounts and lose control of cash flow, while key vendors can end up getting paid late (or paid twice). And weak controls expose businesses to internal fraud, as well as check and online fraud.
Now a wide range of solutions are available that claim to bring new efficiency, automation, and enhanced control to the way organizations manage and approve invoices and send payments. We’ll map the main types of solutions and highlight their strengths and weaknesses so your business can make a more informed decision about the best solution for automating invoice payments.
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