Accounts Payable

Reduce AP Processing Cost to Increase Cash Flow: Why AP Automation is a Strategic Win Win

Recently updated on July 24th, 2024 at 06:35 am

The global Accounts Payable Automation Market size is expected to grow from USD 1.9 billion in 2019 to USD 3.1 billion by 2024

Businesses are shifting from manual, tedious and error-prone AP processes to smart, intuitive, fast and controlled approval processes.

The primary focus of small medium business owners is maintaining and growing the business. As a result, essential tasks such as record keeping, reporting and managing transactions bring challenges that are completely different from the goals of growing the business. Each business is unique – size, business classification, vendors and customers, number of transactions, business budget and working capital, employees’ skill sets, etc. But financial management remains a mission-critical challenge.

Some of the pressing AP challenges of Small Medium Businesses

• Lack of visibility of AP accounts, delayed reconciliation, increased per-invoice costs, resulting due to information overload and processing delays.
• Ineffective communication with vendors through mail or fax, resulting in non-standard POs and invoicing formats, and incompatible workflows.
• The manual process of AP takes too long and is resource intensive – twenty dollars or more per invoice.
• Unrecorded, duplicate, inaccurate, unauthorized or misdirected transactions
• Lack of financial forecasting, budgeting
• Error-prone manual processes for requisition, scanning supplier and issuing payment
• Lack of integrated technology or no technology solutions in place to prevent late payments, under- or over-payments, duplicate or missed payments
• Lack of collaboration across different business units and stakeholders

Who Should Watch This Webinar?

Small & Mid-size Business Owners, Controllers, CFOs, Accountants, AP Manager, AP Executive, and all other titles handling accounts payable.

Webinar Agenda

• Industry Analysis & Statistics
• Pressing Challenges of Manual Accounts Payable Process
• Making a move from manual to automated AP
• Process optimization and improving vendor relationships
• Reducing cost and cash flow improvement
• Best practices of AP automation
• Business benefits

Key Takeaways

• Accounts payable best practices
• Transition from manual to automated accounts payable
• Ways to optimize POs, invoice processing, approval & payment cycle with end-to-end automation
• How to accelerate your accounts payable process with automated workflow
• Real-time tracking of business expenditure
• Ways to eliminate late, duplicate, and fraudulent payments
• Management of countless invoices & faster bill settlement with vendor’ preferred method