Change is happening in Accounts Payable (AP), delivering cost-effective, streamlined and secure AP processes.
Drivers of this change include: growing consumer comfort with integration tools; costs in receiving and processing paper-based documents, late fees, and limited transparency to applying available discounts/rebates; rising fraud rates.
Ardent Partners Research found that a majority (55%) of businesses perceive accounts payable as “very” or “exceptionally” valuable to the organization and only 21% of business executives say that accounts payable is a back-office function without strategic value
To make the case for the investment, focus on four main benefits of AP transformation:
1. A single AP automation platform streamlines and digitizes your entire invoice-to-pay process, which reduces cost, improves efficiency and increases visibility to cash.
2. It helps your organization optimize working capital and monetize accounts payable spend with better control of payment timing and opportunities to earn rebates.
3. The right AP automation technology can drastically reduce your risk of payment fraud and associated losses — from a variety of increasingly innovative fraud schemes.
4. Partnering with the right solution provider can help your organization stay ahead of the evolving payables technology landscape.
5 Keys to Selecting an Accounts Payables Transformation Partner
- Understand the Financial Gains
- Streamline and Digitize from Invoice to Payment
- Ensure You’ll Realize Vendor Adoption
- Secure Your AP Processes
- Future-Proof Your Solution
Read the complete 2021 Guide to Accounts Payable Transformation
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