The Latest AP and Procure-to-Pay News

Procure-to-Pay: There’s an App for That!

June 28, 2017

Smartphones and tablets are an increasingly popular way for consumers to buy and sell goods. But they’re not alone. Accounts payable departments are getting in on the act.

More accounts payable departments are deploying mobile applications that deliver consumer-style interfaces and easy-to-use functions for automating the procure-to-pay cycle.



Get your Spending Under Control with Full Automation

June 21, 2017

With strong revenue growth remaining elusive for many companies, businesses are taking a hard look at their spending to increase profit margins and net income. Poor spend visibility makes it difficult for businesses to effectively control costs, ensure budget compliance and eliminate maverick spending, negotiate with suppliers, comply with contracts, and achieve competitive advantage. 

Thirty-percent of senior finance executives would like their organization to be more focused on analyzing spending, Oxford Economics reports. Forty-eight percent of those surveyed say that percent of total spend under management is a valuable metric to their organization.  

But spend management remains elusive for many businesses, largely because manual or semi-automated payables systems make it difficult to access critical spending information such as:



Automating all the Way, Keeps Auditors Away

June 14, 2017

If the thought of auditors knocking on your department’s door makes you cringe, you are not alone. Compliance is also top-of-mind for CFOs. Sixty-two percent of CFOs at best-in-class organizations identify compliance and risk mitigation among their top priorities (The Hackett Group).

The problem is that paper-based accounts payable processes make it difficult, if not impossible, for businesses to ensure regulatory compliance. Paper-based accounts payable processes do not provide:

  • Tracking of invoice history and approvals
  • Mechanisms for ensuring that staff adhere to approval policies and separation of duties
  • Chain of custody assurances
  • Readily available audit information
  • Controls for Sarbanes-Oxley and Payment Card Industry Data Security Standard (PCI DSS)
  • Ways to prevent documents from being discarded or destroyed ahead of deadlines 

 

Fully automated accounts payable systems streamline compliance by addressing these issues. 



How Full Automation Streamlines Exceptions Handling

June 07, 2017

If your accounts payables department is overrun with invoice exceptions, you are not alone.

Resolving exceptions is the top pain point for 41 percent of payables departments1. The cost of these exceptions is staggering.

Exceptions occur for a range of reasons, including:

  • Wrong price
  • Wrong quantity
  • Missing tax amount
  • Missing tax identification number
  • No requester name
  • No contact data
  • No contract and/or purchase order
  • Missing purchase order number


Accounts Payable Automation: A Light in the Darkness

May 31, 2017

Managing cash in a manual or semi-automated payables environment is like shooting in the dark.

  • Key information is not captured
  • Data is not accurate
  • Information is not timely
  • Fragmented systems deliver incomplete data
  • Decision-makers do not have access to key variables


These are some of the reasons that almost half (45.4 percent) of controllers the Institute of Finance and Management (IOFM) surveyed said a lack of visibility into invoices and payables data is the top challenge in their accounts payables department.