All the difficulties you encounter in running a company can be successfully tackled with one strategy: efficiency.
Every obstacle you face at management level would be easier to overcome if your internal company systems were organized, fast and efficient.
Individual productivity is often wasted on managing crises and near-term business and financial problems (e.g. supply chain issues, rising costs, socio-economic issues).Individuals have too much to do and insufficient resources to do it with.
Imagine an instrument that could ease this administrative burden for accounts payable, supplier management, and payments…
To increase efficiency, resolving organizational problems related to administration is not enough.
You also need to concern yourself with the transparency of your company’s operations.
In fact increasing social pressure regarding ESG (Environmental and Social Governance) obliges companies to reveal their choices regarding their staff and the environment in their accounts and payments.
To gain trust and grow company credibility, managers must visibly implement future growth strategies that prepare for climate change impacts and actively contribute to sustainability.
The constantly changing and increasingly complex regulations in each country regarding eInvoicing and e-reporting are another concern. End-to-end visibility into accounts payable that ensures this transparency and assures that you are up to date with these constantly changing regulations is vital for management peace of mind and informed business decision making.
Changes in recent years
In the wake of the critical period of the Covid pandemic, fears of its prolongation or of new pandemics along with growing geopolitical uncertainty and the resulting deglobalization, geopolitical fragmentation and protectionism have become critical concerns.
Supply-chain interruptions and spiralling costs require you to adjust operations and adapt supply chains to manage costs, reduce risks, meet demand, and protect income.
With end-to-end visibility into, and management of, accounts payable and supplier relationships, as well as automatic regulatory compliance, you would have essential insight into this aspect of the necessary financial controls.
Digitalization of these processes means fewer staff and less time would be required to manage the administration of supplier relationships and accounts payable, and to process and reconcile invoices and payments, meaning that these resources could be allocated elsewhere.
Speed, organization, and agility ensure resilience and, in today’s world of frenetic and unpredictable change, are more important than ever to ensure that your company not only survives but thrives.
What are the benefits of digitalizing AP?
Speed, organization and agility in the accounts payable process are ensured by:
- digitalizing the accounts payable process
- streamlining the workflows and approvals,
- checking and validating supplies and payments
- controlling and managing departmental and company data
from order placement and invoice receipt through to final payment, tax and regulatory compliance, and then filing and archiving.
To meet near-term financial demands and deal with short-term emergencies, you need to free up and move capital, and ensure consistent cash flows while maintaining a handle on the impacts of macro-economic volatility.
End-to-end visibility of your accounts payable from anywhere at any time, would also give you essential insight into your liquidity and cash-flow status, as well as the figures regarding the effects of macro-economic volatility on your company numbers.