Automating Accounts Payable: What CFO’s Need To Know About
Today’s CFO is tasked with ensuring that the finance team operates at peak performance, with an eye toward lowering costs, increasing speed, and reducing bottlenecks in the system. With competing priorities and busy teams, it’s hard to know which initiatives will best move the needle. Because it is not necessarily viewed as strategic or innovative, the Accounts Payable department is often overlooked.
Progressive finance chiefs are looking to implement tools and processes to help elevate the accounts payable function from its traditional role as a cost center to one that provides a competitive advantage. These “tech-savvy” CFOs understand that there are a host of cloud-based finance solutions that don’t require IT resources to implement or rise to the level of requiring budget committee approvals.
Clearly, there are opportunities to improve the invoice-to-pay cycle. Average performers manually key 58 percent of invoices into their financial system, while top performers only manually key 42 percent. This eBook explores some of the key issues that CFOs need to consider when revamping the invoice-to-pay process.
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