Leading Your Accounts Payable Team To Operational Excellence
Accounts Payable Workflow Software
Softwaresolutions have become go-to tool for CFOs looking to optimize their accounts payable departments operational performance. But there is right and wrong way to approach accounts payable automation solutions. As finance executive, the task of choosing and implementing the correct solution for your team can feel daunting. To ensure success, knowing which criteria to evaluate technology from and what goals to measure against are essential.
The importance of optimizing accounts payable operations cannot be understated. When adopted correctly, accounts payable automation can achieve up to 60% efficiency increase in team’s workload. This type of setup not only improves the speed in which invoices are processed, but can give competitive edge when dealing with transacting partners. Establishing more efficient process for payables offers the possibility of better cash flow management and therefore higher cost savings and greater returns.
When looking for solution, start by assessing and understanding the current volume and type of documents that the system needs to handle. Overly complex solutions can introduce unwanted friction or complications in the form of unnecessary financial KPIs. thorough understanding of the team’s current state allows for more accurate predictions on how the goal state can be developed and achieved.
Next, review the features most sought after for accounts payable automation, such as workflow automation, better invoice visibility and reporting, and early detection of errors. Second-level features like invoice coding accuracy, improved compliance and approvals, and fraud detection are valuable add-ons, yet they should be thoroughly assessed prior to implementation.
Beyond the technical side of automation, ensure that the staff is appropriately prepared and trained. While Softwaresolutions can automate monotonous and error-prone steps, there will be steps that are still necessary to be taken by the accounts payable team. This isn’t only limited to understanding the Softwares interface, but also learning the department workflows and procedures. trained team enables the solution to efficiently leverage their time and can help ensure successful and secure document management processes.
Finally, ensure system security and data privacy protocols are in place. The undeniable risk of malicious attack on accounts payable operations means that organizations must take extra precautions when it comes to security. An attacker gaining unlawful access to companies accounts can result in huge amounts of financial losses that are, in some cases, impossible to recover. Before selecting and operating solution, thorough checks should be performed on the service provider in question and the system’s data storage and backup processes.
Aligning an accounts payable team with an automated solution is step towards achieving greater operational excellence. To make sure the desired performance gains are achieved, CFOs should pay close attention to the current state of their accounts payable department and the level of understanding within their teams. Evaluating the right features, addressing the departmental workflows and understanding the security concerns are all significant factors to consider when selecting and operating Softwaresolution. With conscious regard to these criteria, financial executives can have confidence in their decision to automation and be rewarded with improved operational performance.
