The world of accounts payable (AP) is shifting. A mere 15 years ago, the function mostly concerned itself with processing paper invoices. Today, paper invoices are still prevalent, but technology solutions to automate the AP workflow are becoming increasingly feature-rich and widespread in footprint as enterprises realize the cost-savings to be had from automating accounts payable. It is this look to the future—and examination of the underlying value—that dominated Payables Place in the past two weeks. Read on to find out considerations for selecting an eInvoicing tool, the value of remittance information, and even some predictions for the future.
What to Consider When Selecting an eInvoicing Solution
Automating the accounts payable workflow can provide significant cost and process efficiencies to the vast majority of enterprises, but doing so is not a simple process. In fact, there are several key considerations that enterprises must address before moving toward an electronic invoicing solution. These factors are outlined in my May 4 article, including solution price, implementation method, and system integration. Read the full article at https://payablesplace.ardentpartners.com/2015/05/what-to-consider-when-selecting-an-einvoicing-solution/ to learn more.
AP Predictions for 2015: Networks Will Become the Critical Link to Suppliers
Continuing the AP predictions series is the second installment, this time on how networks will become the critical link from buyers to suppliers. Business networks have already revolutionized business-to-business commerce through allowing enterprises to swiftly and easily transact with the global marketplace through a single platform. It is for this and other reasons that networks are set to become the critical link between buyers and suppliers. Read the full article at https://payablesplace.ardentpartners.com/2015/05/ap-predictions-for-2015-networks-will-become-the-critical-link-to-suppliers/ for more.
The Value of Better, “Deeper” Remittance Information in ePayments
Remittance information answers a series of key questions, including who the payment is from, what they are paying for, understanding if the correct amount was paid, etc. It is for this reason that having richly detailed remittance information can potentially make or break whether a supplier accepts an electronic payment or not. Without detailed remittance information, the suppler cannot easily reconcile any payments they receive. This is a problem, and has been part of the reason ePayment adoption has lagged. Read the full article at https://payablesplace.ardentpartners.com/2015/05/the-value-of-better-deeper-remittance-information-in-epayments/ for more.
Mind the Measurement “Gap” in ePayments
There is an old saying in business that “you can’t manage what you don’t measure.” This remains true in ePayments, so it comes as some surprise that nearly a quarter of AP teams lack the ability to measure key performance indicators. Without the ability to measure key metrics such as invoice processing time or invoices per full-time employee, there is little chance that AP operations can show improvement. This measurement “gap” in ePayments can thus make a difference between AP stagnating or improving. Read the full article at https://payablesplace.ardentpartners.com/2015/05/mind-the-measurement-gap-in-epayments/ for more.
AP Predictions for 2015: Treasury Takes Over Accounts Payable
The third installment in the AP Predictions for 2015 series discusses a possible future where treasury takes over accounts payable. The reason for this is simple: treasury is tasked with managing how an enterprise distributes its cash, as well as determining where best to place the enterprise’s free cash in order to gain the best return. At its core, AP is a cash-distribution function … so it makes sense for treasury and AP to become more collaborative as time goes on. Read the article at https://payablesplace.ardentpartners.com/2015/05/ap-predictions-for-2015-treasury-takes-over-accounts-payable/ for a more thorough reasoning.
Check out these related articles for more:
Reasons to Implement Scan-and-Capture and Trends in AP: What You May Have Missed
Lexmark Acquiring Kofax, AP’s Top Trends, and More: What You May Have Missed
Telecom Expense Management, Spring Training, and Cards: What You May Have Missed
