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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Solving T&E Expense Reporting’s Top Five Toughest Challenges

U.S. companies will spend $293.1 billion on travel and entertainment costs in 2017, a 3.8 percent increase over the previous year, Global Business Travel Association Foundation estimates.

Considering the average American company also earmarks between 6 and 12 percent of total budget for T&E expense spending, the efficiency and effectiveness of managing employee expense reports can have a big impact on an organization’s financial performance and profitability.

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7 Trends that Will Reshape Purchase-to-Pay in 2017

The dizzying rate of change in Procure-to-Pay is enough to overwhelm most finance professionals. Yet innovations in technology promise to cause even greater disruption in 2017. Procure-to-Pay processionals must prepare for these trends.

IOFM’s latest white paper describes the seven trends set to reshape Procure-to-Pay:

  1. Holistic Procure-to-Pay automation
  2. Advanced analytics
  3. The consumerization of Procure-to-Pay
  4. Artificial intelligence and robotic process automation
  5. Blockchain
  6. Crowdsourced procurement
  7. Corporate social responsibility

Some of these trends will have a significant short-term impact. 

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Why AP Automation Initiatives Fail & Best Practices to Achieve Success

The CFO wonders How hard can it be to ‘just’ pay invoices? and as a result, the only communication that Accounts Payable receives from the CFO is a directive for them to reduce processing cost. Then AP reacts to that directive by attempting (and failing) to implement best practices. These initiatives are often unsuccessful, and may have failed for one or more of the reasons:

  • AP is the last step of a very chaotic purchase process
  • AP does not have ownership of the process
  • Procurement &

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5 Ways to Increase Performance and Improve Processes in Accounts Payable

Accounts Payable earned a dubious trifecta in a recent IOFM survey of controllers: it topped the lists as the most time-consuming, laborious, and paper-intensive finance and administration function, ahead of activities such as payroll, tax, and even audit and reporting.

Worse, Accounts Payable received nearly twice as many votes from controllers as the most time- and labor-intensive finance and administration function than the next highest-ranked function.

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5 Ways Electronic Invoicing Networks Transform Accounts Payable into a Profit Center

Businesses are facing the perfect storm of slow revenue growth, volatile markets, digital disruption, and new competitors. As a result, most CFOs are taking a cautious approach to business investments, despite the seemingly improving global outlook. No doubt, CFOs are mindful of the outsized impact that poor financial processes have on the fortunes of a business.

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The Single Solution to Invoice Processing Headaches

In a perfect world, all invoices would arrive electronically into an Accounts Payable department, and be processed and posted straight-through, without human operator intervention. Unfortunately, Accounts Payable departments do not operate in a perfect world.

The wide range of channels through which buyers receive invoices is a major contributor to the costs, errors, delays and visibility challenges that have become synonymous with Accounts Payable.

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How Electronic Invoicing Networks Streamline Global Tax Compliance

Today’s digital economy makes it easier than ever for businesses to buy and sell across the globe. As a result, more businesses must support the value-added tax (VAT), goods and services tax (GST), provincial sales tax (PST), withholding taxes, and more.

In most countries where invoices can be sent electronically, businesses must prove the integrity and authenticity of their electronic invoices, across their different processes and partners, over a long period, in accordance with tax laws.

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How Accounts Payable Automation Delivers Benefits Across the Corporate Enterprise

More businesses are focusing on ways to increase their profit margins and net incomes. One strategy for accomplishing these goals may surprise some people: Accounts Payable automation. The departmental benefits of accounts payable automation are well-documented:

  • Lower costs
  • Improved staff productivity
  • Fewer errors
  • Faster cycle times
  • Better visibility

But automating Accounts Payable with document management technology also provides strategic benefits to: accounting, purchasing, management, and information technology.

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Special Report: The True Costs of Paper-Based Invoice Processing and Disbursements

The stagnant economy has made businesses desperate for ways to improve profit margins and net income. One way that businesses can achieve both of these objectives is to automate invoice processing and disbursements with a single system for managing all business spending.

Paper-based and semi-automated invoice processing and disbursements create hidden costs that chip away at profit margins and net income:

  • Manual processes
  • Processing errors
  • Poor cash flow visibility
  • Poor spend management
  • Too many exceptions
  • Onerous regulatory compliance
  • Risk of fraud
  • Fragmented systems

But automating invoice processing and disbursements changes this dynamic.

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