Topic: nexuspayables

Don’t Get Soaked by Manual AP Processes

August 16, 2017

'Marco?”

“Polo!”

In swimming pools across America this summer, children will delight in closing their eyes and searching for a friend or family member based on the sound of their voice and the splashing of water.  

While hunting for invoice data is nearly as challenging (without the peeking!), it is not nearly as fun.



Full AP Automation: This Summer’s Blockbuster

August 09, 2017

One of this year’s blockbuster movies finds the protagonists racing luxury cars across the icy expanse outside a Russian base while being shot at by the bad guys and chased by a nuclear submarine.  

If you think that setup is unbelievable, consider how much time organizations spend approving invoices.  It takes accounts payable departments with no automation an average of 14.3 days to process an invoice, per PayStream Advisors2015 Invoice Workflow Automation Report.  Semi-automated accounts payable departments take an average of 8.8 days to process an invoice.  

Hardly fast or furious.  



Moving AP from the Back-Office to the Corner Office

August 02, 2017

Accounts payable has traditionally been the quintessential back-office function: the cost-center in the sub-basement with the lousy office furniture and the coffee pot that doesn’t work that well.  

But accounts payable has seen its star rise in recent years as more senior executives recognize the ability of fully automated accounts payable departments to drive strategic objectives such as cash flow analysis and liquidity management.  Most controllers now rank accounts payable as strategic, and of vital importance to the business, per the Institute of Finance and Management (IOFM).  

For starters, the enhanced visibility provided by fully automating accounts payable empowers senior management to make better informed decisions for managing finance operations and working capital.  Decision-makers have ready access to the information they need to determine when to release cash.  And organizations can gauge spending against budget, and quickly identify “maverick spending.”  



The Current State of AP Automation

July 26, 2017

In today’s AP world, fully automated accounts payable solutions provide visibility for cash management, forecasting, spend management, long-term planning, and budgeting.

Large companies are figuring out these benefits and cost savings of automating their accounts payable process. While small businesses are following suit, are they doing enough? To break down the current state of AP automation, we’ve put together an infographic for you to see how AP automation is being used and how it can benefit your business.



How AP Automation Makes Life Easier for IT

July 19, 2017

Love ‘em or hate ‘em, IT plays a big role in accounts payable automation projects.

Lack of internal IT resources is one of the biggest barriers preventing organizations from automating their invoice processing, per the Institute of Finance and Management (IOFM).  

This is no surprise when you consider that 60 percent of the average IT department’s time is spent “keeping the lights on,” Accenture reports.  Activities such as user support, system upkeep, and security and compliance leave no time for onerous system implementations and integrations.  

The integration of an accounts payable solution with legacy enterprise resource planning (ERP) and general ledger (GL) platforms is especially daunting for organizations with scant IT resources.