6 Pro-Tips for AP to Earn a Seat at the Strategy Table

What if over two-thirds of the people around you didn’t think much of the work you do?

More than three-quarters of senior managers believe that accounts payable is a tactical back-office function.

Why? Perhaps it’s the deluge of work accounts payable departments go through each day:

  • Setting up suppliers
  • Gathering payment details
  • Collecting tax forms
  • Keying invoice information
  • Matching invoices with purchase orders and shipping documents
  • Tracking down purchasers
  • Searching for lost or misplaced invoices
  • Setting up payments
  • Reconciling payments
  • Resolving payment issues

All these manual accounts payable tasks leave little time for strategic, value-added activities.

Read more..

5 Ways that Artificial Intelligence Will Transform Accounts Payable

Let IOFM show you 5 ways that artificial intelligence will transform AP

Artificial intelligence – or AI – promises to fundamentally change the way that AP operates.

AI is much more than robots replacing human tasks.

AI automates routine functions such as data capture and workflow routing, while:
• Improving decision-making
• Enhancing forecasting
• Mitigating potential compliance and fraud risks

See why AP leaders say AI will be one of the most critical technologies to the future of AP.

Read more..

How Eliminating P2P Friction Helps Pharmaceutical, Biotechnology, and Medical Device Firms Manage Cash

Pharmaceutical, biotechnology, and medical device manufacturing firms are facing legislative uncertainty, mounting regulatory pressure, volatile economic conditions. It is for these reasons that more firms in this space are automating their Procure-to-Pay (P2P) processes.

Eliminating friction in the P2P cycle with technologies such as electronic invoicing helps pharmaceutical, biotechnology, and medical device manufacturing firms:

• Improve profit margins
• Enhance visibility into cash flow
• Lower their cost of goods

Best of all: P2P automation delivers these benefits, regardless of the legislative, regulatory and business conditions.

Read more..

3 Ways High-Tech Firms Can Eliminate P2P Friction

In the fast-changing, hard-driving world of IT hardware and software, IT consulting and services, and high-tech, businesses cannot afford to be bogged down by inefficient Procure-to-Pay (P2P) processes.

But that’s exactly the scenario businesses in this space face when relying on antiquated, paper-based approaches to paying suppliers. P2P friction:

  • Chips away at profit margins
  • Strains supplier relationships
  • Impedes a high-tech firm’s ability to take advantage of financial opportunities

IOFM’s latest white paper illustrates the impact of P2P friction on IT hardware and software, IT consulting and services and high-tech firms.

Read more..

How Consumer Packaged Goods, Consumer Staples and Consumer Discretionary Firms Win with P2P Automation

Consumer packaged goods, consumer staples, and consumer discretionary firms have traditionally viewed Procure-to-Pay (P2P) as a necessary business expense, to be managed as efficiently as possible. Achieving strategic business objectives through P2P automation was not a priority. But that’s all changing.

Consumer goods firms have grasped the potential of P2P to drive working capital optimization.

Read more..

4 Reasons Businesses Must Transform Accounts Payable with Digital Technologies

Claim your copy of IOFM’s latest white paper and learn 4 more reasons to automate

The emerging digital trade and commerce environment will require AP departments to:

  • Process transactions more efficiently
  • Have faster access to AP information
  • Act upon information and identify opportunities more quickly

This will be a tall order in a manual or semi-automated AP environment.  

Read more..

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. 

Read more..

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.

Read more..

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.

Read more..