Strategic Management

A recent Peloton study revealed that finance professionals spend 64 percent of their time collecting and validating data. Another fourth of their time is spent processing that data, with only the remaining 11 percent available for doing value-added analytical work. This is due to several factors, not the least of which is siloed processes and...… Read More

Following an investment in automation, it’s not unusual for companies to downsize their AP departments. Fewer people are needed for low value-add activities such as scanning and processing invoices. However, there’s an alternative to losing good people.

coins-currency-investment-insurance-128867Best practice organizations transition their people to higher-level tasks. Consider the following:

  • Exception processing: Most AP departments spend 80 percent of their time on 20 percent o
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Accounts payable is traditionally seen as overhead, a department responsible for just processing invoices and paying bills. But it doesn’t have to be that way. Rather than settling for merely being an invoice-paying engine, AP can propel itself beyond the administrative realm and into a strategic one. A Different Way of Thinking Process does not...… Read More

Introduction to AP Analytics

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The accounts payable process holds the key to several types of data that can help your company with decision making for strategic sourcing. The data also indicates invoice stratification by dollars, payment types and can provide a window into an “at-risk supplier” situation. And of course, accounts payable can highlight process efficiencies and ways to improve working capital by focusing on cost-per-invoice and di

Business process outsourcing, or BPO, can alleviate much of the back office data entry functions of an accounts payable department, but not all implementations are brilliantly successful. The third-party outsource partner tends to take the blame when things don’t go smoothly, but often, they aren’t the culprits—it’s the failure to train and engage them coming...… Read More

By Pam Miller, APMD In many organizations, AP is a microcosm of the entire organization. It is a mini IT department, a mini compliance department, a mini tax department, a mini purchasing department, a mini vendor management department, a mini treasury/finance/accounting department, a mini internal control/audit department, and a mini HR department. The Mini IT...… Read More

By Pam Miller, APMD People often create mnemonics as a means to help them remember things. For example, HOMES is a mnemonic that helps Americans remember the names of the Great Lakes (Huron, Ontario, Michigan, Erie, and Superior). The mnemonic acronym “SMART” represents a method many management consultants recommend that organizations and managers use to...… Read More

AP departments often find themselves having to comply with new laws and regulations—whether it’s a new VAT regime or a majorly tweaked IRS regulation. To tackle such regulatory challenges and to ensure full and accurate compliance, it pays for AP professionals to take the time to read through the laws for themselves to see how...… Read More

While there are many opportunities to conserve cash within an organization, our question this month focuses on AP’s role in cash conservation. IOFM asked members of the APP2P Network: In what ways can AP departments assist with cash conservation and reduce the adverse impact on suppliers? Here are their responses: ‘Automate and Streamline Processes’ “Conservation...… Read More

By Pam Miller, APMD Managers who have mastered the arts of delegation and empowerment are likely to find that their staffs outperform those of managers who have not done so. Delegation is an important management skill. It frees up a manager’s time so it can be better used for other, higher-level tasks. For staffers, it...… Read More

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