Accounts payable shouldn’t be a cost center
CFO Dive
MAY 26, 2023
Leveraging intelligent automation to process invoices can help, Steven Cronin writes. CFOs are under growing pressure to drive efficiencies at zero cost.
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CFO Dive
MAY 26, 2023
Leveraging intelligent automation to process invoices can help, Steven Cronin writes. CFOs are under growing pressure to drive efficiencies at zero cost.
Future CFO
JANUARY 26, 2024
Systems powered by artificial intelligence are without a doubt revolutionising invoice processing in finance departments. There are nine ways AI-powered systems can transform invoice processing in Accounts Payable (AP) departments.
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CFO Share
DECEMBER 14, 2022
What is accounts payable ? What is accounts payable? Accounts payable is short-term obligations (aka bills) due to vendors for services or goods received. AP statements are a standard report out of all accounting systems. What are examples of accounts payable? Accounts Payable Tools.
PYMNTS
MARCH 18, 2020
Employing accounts payable (AP) automation solutions can help smooth onboarding and streamline the data collection and analyzing processes, removing the many friction points that are prone to legacy systems. Automated services could cut an average of 40 days from their invoice processing time.
PYMNTS
JUNE 12, 2019
In an interview with Doug Cranston, vice president of product management at Bottomline, the executive noted that in the age of speed, fraudsters are able to more easily exploit firms’ vulnerabilities, compromise their accounts payable process and get away with ill-gotten gains, often to vanish without a trace.
Future CFO
APRIL 21, 2021
Manual AP invoicing has been outdated and inefficient for years now, so when business across the globe encountered significant disruptions, companies with digital transformation still on their to-do lists felt the impact on their operations far more than those already using automation. What has changed, and what changes are here to stay?
CFO Network
MARCH 11, 2024
Prompt Invoicing: Key to Cash Flow Stability Conversely, poor cash flow management can spell disaster, hindering growth and even leading to the demise of an otherwise viable business. One of the most common pitfalls in cash flow management for SMBs is delayed invoicing.
PYMNTS
JULY 3, 2018
Amid talk of enterprise digitization, discussions about paper invoices and checks persist. New research suggests a vast divide between businesses that have embraced technology and electronic processes in the accounts payable department and businesses that instead prefer to retain those paper invoices and checks.
PYMNTS
MARCH 13, 2019
This stumbling block to innovation is often visible in accounts payable (AP) departments, Corcentric SVP of Sales Daniel Andrew told PYMNTS in a recent conversation. Manual, paper-based invoicing systems are objectively worse in every metric when stacked against automated, digital AP systems that leverage straight-through processing.
The Charity CFO
APRIL 1, 2024
Implementing technology into your nonprofit accounting process can help solve a variety of issues—from tracking receipts to properly recording donations. In most cases, technology helps improve the efficiency and accuracy of nonprofit accounting. A good technology solution addresses each of your nonprofit accounting concerns.
PYMNTS
JANUARY 13, 2021
When employees cannot be physically in an office to send or receive paper invoices and purchase orders, the ability to electronically transmit data on those documents to the appropriate business partner is key as work-from-home requirements continue. that have the leverage to require EDI adoption from their supplier base.
CFO Share
MAY 10, 2024
By leveraging the detailed financial data they maintain, you can create a 13-week cash flow forecast that provides valuable insights into your upcoming cash obligations and helps you make better-informed decisions. Start by ensuring your bookkeeper has accurately coded all bills, invoices, and transactions up to the forecast date.
PYMNTS
SEPTEMBER 20, 2016
Accounts payable solutions firms Inspyrus announced a mobile app aimed at enabling invoice management for AP professionals on the go. The tool, developed on the Oracle Mobile Cloud Service, provides invoice automation for a mobile platform. An announcement on Monday (Sept.
CFO Share
FEBRUARY 23, 2024
Streamlining Cash Receipts Efficient management of accounts receivable is pivotal to achieving small business cash flow optimization. This process involves: Adopting digital invoicing systems to reduce delays. Consistently monitoring outstanding invoices to identify and address late payments proactively.
PYMNTS
DECEMBER 15, 2020
Buyers, too, are eager for change and need to adopt accounts payable (AP) methods that are easily managed by employees working from home. The push toward modernization does not stop at fund transfers, either, and companies are adopting digital supports to help them more smoothly and rapidly process invoices. About The Report.
CFO Share
APRIL 11, 2024
Counter-intuitively, an outsourced bookkeeping service reduces the risk of fraud by adding more oversight and best-practices to your accounting processes. Beyond security, there are other reasons “do it yourself accounting” hurts your business. The entry-point for hackers – your vendor’s email accounts – are beyond your control.
PYMNTS
JANUARY 13, 2021
The paper check, the paper invoice, slow accounts receivable (AR) processes and collecting on aging receivables can be difficult for even the most seasoned AR professionals. Shields noted that accurately predicting anticipated invoice payment dates can have ripple effects throughout an organization. “No The problems are analog.
PYMNTS
NOVEMBER 11, 2020
The Playbook also calls out “three-way invoice matching — in which staff must compare invoices to purchase orders and goods received notes,” and the frustrations that brings, but automation can reduce these stresses by matching these invoices automatically. Platforms Streamlining Mass Payables.
PYMNTS
JANUARY 5, 2017
Technology firm Ricoh is jumping into B2B payments with a new service aimed at digitizing accounts receivable processes. Ricoh Canada revealed this week the launch of its eInvoice Presentment & Payment Service, a solution to help businesses provide electronic invoices to clients and accept payment.
PYMNTS
NOVEMBER 6, 2020
Handling accounts payable (AP), accounts receivable (AR), cash flows and other capital management tasks is an inescapable reality for almost every business that deals with inventory and sales, but these commonplace processes are fraught with obstacles. About The Playbook.
PYMNTS
APRIL 11, 2019
Supply chain payment technology firm Taulia is teaming up with Google Cloud to enable an artificial intelligence-powered invoice processing solution. Described as “cognitive invoicing,” the tool allows companies to automate invoice processing regardless of file format that suppliers send.
PYMNTS
JANUARY 28, 2020
Many accounts payable (AP) professionals turning to electronic payments to streamline their companies’ payment processes — specifically, how they pay invoices from suppliers — are putting virtual cards at the top of their lists, and for good reason. Bank Uses Customer-Centric Strategy To Smooth Virtual Card Integration.
PYMNTS
JANUARY 25, 2021
The four companies coming together is the result of a years-long effort to combine “organic business growth with targeted acquisitions to expand globally, reach new industries and become the first end-to-end provider of procurement, accounts payable, and accounts receivable solutions,” according to the release.
PYMNTS
JUNE 15, 2017
Cloud company Vlocity and invoicing company Globys are teaming up to target the communications industry and provide its members with a streamlined procurement solution. Globys specializes in invoice-to-cash solutions for B2B suppliers in the subscription economy, the company explained in the Wednesday (June 14) announcement.
PYMNTS
JANUARY 15, 2020
15), Basware said it has launched InvoiceReady, a “distinct business unit” within Basware that will offer the company’s existing SMB procure-to-pay and accounts payable (AP) product suite. In a press release on Wednesday (Jan. I believe there is more potential in this business.”
PYMNTS
DECEMBER 15, 2017
Complex on so many levels, especially when it comes to payments and, more specifically, invoicing, where demands for payment are tracked through paper and electronic means. Now the firm is leveraging its expertise to solve business-to-business receivables.
PYMNTS
DECEMBER 1, 2020
B2B invoices generally take 37.4 APIs and accounts payable (AP)/accounts receivable (AR) automation are revving up the speed of money and financial data to a pace more in line with pandemic-era market demands. It’s making a major difference. Real-time payments are advancing … quickly in the U.S.,
PYMNTS
NOVEMBER 10, 2020
Businesses of all sizes struggle with capital management, regardless of whether they employ staff or seek out third parties to handle their cash flows, accounts payable (AP) and accounts receivable (AR) processes and other related tasks. A study found that 74.2
PYMNTS
NOVEMBER 9, 2020
Accounts payable (AP), accounts receivable (AR) and other capital management workflows are also not immune to pandemic-related struggles. One study found that 74 percent of accounting staff reported pain points when manually processing invoice data, for example, with 68 percent citing manual invoice routing as their top concern.
https://trustedcfosolutions.com/feed/
JANUARY 31, 2023
Formal policies and procedures allow for better control over your cash so you can quickly identify risk and uncover potential problems within your accounting structure. Automate your accounts payable processes. Review your cash flow statements early and often — make this a regular basis. Plan for future expenses.
PYMNTS
JULY 23, 2020
GEP , which works in procurement and supply chain strategy, has launched its new accounts payable (AP) solution, which will help automate AP services through cloud technology, artificial intelligence (AI) and machine learning (ML), according to a press release.
Future CFO
APRIL 22, 2024
According to a guidebook by software company Esker , after years of continuous change, adapting a more human-centric accounts payable approach is now a prerequisite for keeping a business competitive. Cheah also takes note of the impact of e-invoicing and fintechs, which push digital transformation to the forefront. “It
PYMNTS
OCTOBER 10, 2018
The app will leverage Mastercard In Control for Commercial Payments, letting community banks provide a white-labeled accounts payable platform for their corporate customers. Accounts payable departments are essential to the operations of any company,” said Regal Software founder and CEO Kofi Conduah in a statement. “We
PYMNTS
DECEMBER 18, 2020
There’s simply no longer the time or bandwidth for manual accounts payable (AP) and accounts receivable (AR). Such modernizations could help financial departments process invoices more quickly and easily.”. Since there’s no way back, the payments industry is now cutting new pathways. The poll of 325 U.S.
PYMNTS
OCTOBER 11, 2018
based suppliers, Early Pay links vendors to an online platform to have their invoices paid before their due dates for an early payment discount. Now companies can leverage their accounts payable to reduce costs of goods and services while offering automatic, flexible payment terms to their eligible suppliers,” Cotter continued.
PYMNTS
DECEMBER 2, 2020
Mark Aquilina , senior vice president of product and strategy at WEX , told PYMNTS that’s partly because digitization of accounts receivable (AR) lags behind that of accounts payable (AP) on the technological front. And lastly, invoicing workflows are marred by manual processing. Addressing The Chokepoints .
PYMNTS
APRIL 14, 2020
Legacy accounts receivable (AR) and accounts payable (AP) operations aren’t only inefficient, they’re costly. could save 19 hours a week through automating eInvoice processing — and, according to the Federal Reserve, businesses are spending $9 billion every year on paper invoices.
PYMNTS
AUGUST 19, 2019
The data was based on expense report, contract and invoice audit data from billions of transactions across hundreds of enterprise customers from April 1, 2019, through June 30, 2019, AppZen said. Moreover, in terms of the larger picture, more than 96 percent of enterprise spend beyond that of payroll is related to accounts payable; 3.7
PYMNTS
NOVEMBER 18, 2016
Nexus Systems is partnering with a real estate technology company to help the industry adapt to more sophisticated accounts payable and procurement processes. To be dubbed MRI AP Automation, the new solution can automate and digitize the accounts payable process for MRI clients across Canada, South America, EMEA, Asia and New Zealand.
PYMNTS
JULY 25, 2019
For all the various ways businesses onboard new suppliers, the accounts payable (AP) professionals running the show seem to agree that performing them digitally makes it easier to receive, approve and pay supplier invoices. percent do this) and whether a new supplier is restricted by international sanctions (26.7
PYMNTS
MAY 21, 2020
Payments made on credit also incur significant administrative burden on companies that must reconcile invoices — unless electronic invoicing is used. These firms (tour operators, for example) may work on credit terms and will issue payments only upon receiving invoices.
PYMNTS
AUGUST 24, 2017
According to new data from business management consulting firm PayStream Advisors, dynamic discounting, which allows corporate buyers to receive a discount on their invoices based on how early they pay, is taking off in the accounts payable (AP) realm.
PYMNTS
JUNE 22, 2016
In B2B payments, accounts payable automation is a hot topic, as are the challenges AP professionals face when it comes to paying suppliers and managing the data from those transactions. But as Corcentric and IOFM revealed, the accounts receivable department may not have total control over its ability to get automated.
PYMNTS
SEPTEMBER 6, 2019
landed on the board, too, as alternative lending, small business banking, back-office financial management and accounts receivable technology enticed backers. Buyers, meanwhile, optimize working capital by extending days payable outstanding, with a financier stepping in to pay the invoice. France’s Upflow announced a $2.7
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