As a CFO, you’re responsible for managing the financial risks of your organization. You need real-time access to payables for budgeting purposes, as well as the ability to monitor overall business spending so you can report to the executive team.
In today’s paper-based AP process, it’s difficult to focus on the financial future of your business when you’re buried under a mountain of checks that need your signature. Inefficient, outdated processes are preventing you from being in complete control of the bottom line.
Check out this video to see how automation benefited Vivian Barnes, CFO for Ackerman & Company:
According to a recent survey by PayStream Advisors, there has been serious movement in recent years toward electronic payments and other forms of AP technology. Automating accounts payable processes can significantly improve your company’s overall financial operations, but how does it affect you?
By studying the financial operations dashboards, you can see and compare real-time metrics–such as days payable outstanding (DPO) and days sales outstanding (DSO)–for an unabridged view of your company’s financial health. This allows you to be a stronger resource for the CEO and the board of directors in charting your business strategy.
We know you’re data-driven, so let’s talk about the bottom line. PayStream Advisors’ research indicates that the average cost to process a transaction is 44 percent higher when performed manually rather than through an automated system. Accordingly, reducing overall cost ranked as the top factor driving organizations to focus on electronic payments, as reported by 84 percent of respondents in PayStream’s 2015 Electronic Supplier Payments report.
If you want to leverage your cash-on-hand more efficiently to pay for vendor goods and services, automation provides unprecedented visibility into your organization’s cash flow. You can assist the CEO in high-level decision-making in ways that help your business grow and become more profitable, such as mergers and acquisitions, capital improvements, launches of new products and services, geographic expansion, and increases in staffing.
Paper-based requisitioning systems are unwieldy and introduce unnecessary delays to the purchase order routing process. Paperwork for product and service purchases is often completed after the purchase has been made. With AP automation, your accounts payable team will benefit from faster processing times, greater accuracy in payments, and less staff time allocated to data entry.
See how automation can change your work life…