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Improving Supplier Management Through Technology
Managing a high volume of suppliers across various companies has always presented a host of challenges for companies to contend with. There are a lot of risks associated with limited visibility and manual processes. Technology continues to grow but some […]
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Operational Flexibility With Automatic AP
In the modern business world, operational flexibility is more than a luxury – it’s a necessity. And that means the sooner you switch to an automatic AP system the better. Paper systems just aren’t all that responsive to changes in […]
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How to Tune Your AP Automation for Maximum Workflow Efficiency
The accounts payable department is one of the easiest places to notice if your organization is dealing with poor quality data. Bad data in AP has a direct impact on cash-flow, which makes addressing this problem of vital importance for […]
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Take Control of Capex Spend
Whether it’s purchasing new equipment, buildings and company vehicles, or money spent on research and development, Capital Expenditures (Capex) account for a large chunk of the annual budget. In addition to the anticipated expenses, Capex projects often run over budget […]
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What Processes Make Sense to Automate?
Business Process Automation plays a key role in the modern business world, but it doesn’t work equally well for every business process. Automating the processes that drive your business can result in efficient workflow, reduced costs, and increased transparency, among […]
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Why You Need Both CPMS And ERP Software
Enterprise Resource Planning (ERP) systems play a key role in record keeping. By themselves, however, most ERP systems are not equipped to provide the reporting and analysis tools you need to make capital project management decisions. ERPs can be expanded […]
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Why NOT To Use Excel In Your Business
Microsoft Excel has become ubiquitous in the business world. When first released, it revolutionized data processing and analysis and it’s been a fixture of financial departments ever since. Yet as businesses grow and develop, relying on Excel can actually do […]
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Satisfy Customers With Improved AP Outsourcing Software
Your AP department deals with a large number of internal and external customers. Under a paper system, this involves a high volume of inter-office emails and forms, as well as answering questions via phone and email from external vendors. It’s […]
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The Metric That Is Costing You Money and How to Fix It
Maintaining a good accounts payable turnover ratio is a delicate balance of efficiency, cash management, and vendor terms. Also called the Accounts Payable Days Formula or simply “Creditor Days”, this is a formula to calculate a “turn”-the number of AP […]
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Why Digitize Documents?
The amount of documentation you have to keep on hand to maintain a good record keeping system can be daunting. For larger businesses, record keeping often involves off-site storage facilities dedicated to managing documents. For smaller businesses, paper records can […]
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Strengthen Internal AP Controls
The Association of Certified Fraud Examiners (ACFE) estimates that 5% total revenue is lost each year to occupational fraud. Much of this fraud originates in the Accounts Payable department. Since all the money leaving a business goes through AP, it […]
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Optimize AP Visibility
Though most businesses are still processing invoices manually, more and more are starting to recognize the value of automation in the Accounts Payable department. Automatic software is one of the key trends to look for in AP as the year […]
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