The distributed nature of accounts payable processes often requires approval on several levels, and generates huge volumes of documentation that are difficult to effectively manage. Not only does this increase the amount of time needed to process each invoice, but it also sets the stage for costs to spiral out of control. Because of this, AP processes are an ideal place to start as organizations look to strengthen controls, drive out costs, and increase efficiencies. This special report examines the key elements that are needed in a strategic solution to realize the full benefits from automating the accounts payable process.
Problems with Conventional Approaches
Many companies have tried and failed to achieve the full benefits of automating the accounts payable process because they’ve followed a conventional approach. Although it can claim business efficiencies, this approach invariably costs more than expected and delivers less than promised. It focuses on short term functional goals and tempts departmental managers to stray further and further from their core functions. What is needed is a systematic, strategic approach that takes paper out of the AP process.
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