5 Ways Embedded Procure-to-Pay Analytics Drives Business Performance

Let IOFM Show You How Analytics Drives Better P2P Results

With vast amounts of data flowing through the procurement and finance departments every day, P2P professionals are in a unique position to deliver critical information to the enterprise.

But most P2P departments cannot aggregate, organize and analyze their data. 

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The ROI of Travel and Entertainment Expense Report Automation

How to get the biggest bang for your T&E expense buck

Travel and entertainment (T&E) expense spending is for many organizations a significant investment with an expected financial return.

The success of T&E spending is often measured in terms of:

• New business
• Stronger client and supplier relationships
• Staff professional development

It’s an investment that pays off: for every dollar invested in business travel, U.S.

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4 Reasons to Rethink the Way You Manage Financial Documents

If it feels like managing your financial documents is too difficult, you are not alone. Today’s digital trade and commerce environment is creating heightened document lifecycle challenges such as:

  • Ever-increasing demands for real-time access to financial information
  • A rapidly changing mix of physical and electronic financial documents
  • Rising data security threats

In response, organizations are rethinking the way they create, output, deliver, track, control and report on their financial documents – contracts, catalogs, purchase orders, proof-of-delivery documents, receipts, invoices, reports, checks, customer statements and correspondence.

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5 Ways Poor Visibility Undermines Financial Shared Services Initiatives

More organizations are operating their accounts payable and accounts receivable functions as part of a regional or global shared services environment.  These organizations are drawn by the promise of lower costs, better process efficiency, and improved service to stakeholders.

But organizations will never achieve the full benefits of a shared services environment if they still rely on manual and paper-based accounts payable and accounts receivable processes.

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The Paperless Office: Leap up the Accounts Payable Maturity Curve

Many AP professionals dream of a day when their operations will be paperless.

The reality for most AP professionals is closer to a nightmare: operations are overrun with paper invoices that require a significant amount of handling, keying, routing, filing, and retrieval.

Achieving the vision of the paperless office requires organizations to chart a path towards maturity. 

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A 4-Step Roadmap to Paperless Payables in 2018

Automating financial processes – from invoice capture to payment disbursement – has been talked about for decades. Yet end-to-end Accounts Payable automation remains elusive for many organizations.

Here’s the root of the problem:

• Siloed departments
• Multiple, legacy systems that don’t work together
• Manual and semi-automated invoice-to-payment processes

The issues caused by paper-based invoice processing are compounded when businesses pay their suppliers with a paper check.

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Tomorrow’s Accounts Payable Department: Simple, Transparent and Seamless

Tomorrow’s Accounts Payable organization will be a radical departure from the status quo.

The Accounts Payable department of the future will no longer be a tactical, paper-intensive transaction processing and reporting function. Tomorrow’s Accounts Payable department will be:

• Highly efficient
• Digitally connected
• Analytics-driven

Importantly, the role of the Accounts Payable department and the people who run it will grow within the corporate enterprise.

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Early Payments: How Organizations Can Become “AP Free”

Early-payment programs – paying suppliers before an invoice due date in exchange for a discount on the amount owed – make Net Payment Terms a thing of the past.

Early-payment programs also appeal to top suppliers.

The problem is that for all but the biggest businesses, manual approaches to early-payment programs:

  •  Are incredibly complicated to deploy
  • Often require risky underwriting
  • Result in a significant reconciliation effort

But that doesn’t mean your business should abandon its dream of being “AP Free.”

The emergence of automated supplier payment processes is making it easier, more affordable, and less risky for businesses of all sizes to employ early payment programs.

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The Key to Smarter T&E Expense Auditing

Businesses worldwide spend a staggering $1.25 trillion on travel each year. In fact, travel and entertainment (T&E) expenses account for more than 10 percent of the average company’s overall budget, and are the second-largest corporate expense behind payroll.

With T&E expenses representing such a large part of the corporate budget, it is no surprise that companies are thinking more strategically about their expense management processes.

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Electronic Payments and the Last Mile of Procure-to-Pay Transformation

More accounts payable departments are deploying procure-to-pay solutions to transform their department into a revenue-generating strategic partner to the enterprise.

But you will never attain the full benefits of P2P transformation without completing the last mile of automation: payments.

Until recently, payments often have been overlooked, as many accounts payable departments focused on automating invoice processing.  

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