What Every AP Department Needs to do to Succeed in 2021
The new year cannot get here soon enough for Accounts Payable leaders. It has been hard to adapt to new ways of working, new challenges, new risks, and new economic pressures. Having settled into an operational rhythm, AP leaders are now looking for ways to achieve sustainable, incremental improvements in the new reality. This goal is within reach for AP departments that take the appropriate steps. We will share predictions for the top trends in AP in 2021.
How to Choose the Right AP Solution for Remote Work
If automation is a priority for your accounts payable department, you are not alone. 71% of accounts payable departments plan to automate further in 2020, according to the Institute of Finance and Management (IOFM). Even highly automated accounts payable departments plan to deploy more technology this year.
How to Take Back Control and Visibility Over Your Accounts Payable Operations
If it feels like you have less control and visibility over your accounts payable (AP) operations these days, you are not alone. As staff work from home, AP leaders are concerned about increased fraud and compliance risks, greater chance of missed invoice due dates, and more time spent chasing down information. The root of the problem is that manual, outdated approaches to processing invoices do not provide the control and visibility that AP leaders need when their staff work from home.
How to Avoid Purchase Order Processing Breakdowns, No Matter Where Your Staff Works
Disruptions caused by COVID-19 are straining supply chains. The problem is being exacerbated by manual and semi-automated approaches to requesting, approving and issuing purchase orders. Inefficient and ineffective purchase order processes waste employee time, open the door to maverick spending and delay the receipt of much-needed materials and goods. If organizations want to better manage their corporate spending, they must automate their purchase order processes.
5 Ways to Mitigate the Risk of Fraud When AP Staff Work from Home
If it feels like the way your organization processes invoices these days is risky, you are not alone. The Internal Revenue Service (IRS), numerous State Attorneys General, and other government agencies are sounding the alarm that phishing schemes and Business E-Mail Compromise (BEC) attacks are on the rise and could target your finance operations.
How to Transform Accounts Payable into an Information Powerhouse
Now more than ever, businesses need real-time visibility into their cash and spend. But in departments that rely on manual and semi-automated invoice processes, key data is not captured, information is not timely, data is poorly organized, and systems are fragmented. As a result, decision-makers can’t access all the variables they need to manage cash and spending.