Have you heard the saying, “if you are idle, be not solitary; if you are solitary, be not idle.”? There are a few other variants of this, but they boil down to the same idea — keeping your mind active is crucial for your overall well-being. As we hunker down and work from home, we’re all trying to keep busy and broaden our knowledge base, aren’t we? This is especially important for accounts payable (AP) professionals as the industry evolves at a rapid pace.
But staying engaged with the finance industry while teleworking is like listening to an audiobook at a packed football game.
You’re likely to come out the other side feeling like you missed vital information. A frustrating experience for any who try. However, with an assist from noise-canceling headphones, not an insurmountable one.
It’s just as tough to follow the AP industry while working from home surrounded by family, pets, and chores that need doing.
Considering this, we provided the assist by curating 5 blog posts essential for AP professionals to discover during this time. The topics range from the impact of current events to the challenges AP managers encounter.
Without further ado — settle in with a mug of coffee, cuddle your dog, and read through these blogs with us.
Here are the 5 Best AP Articles to Read While Working Remote
Three months ago, we were frantically searching for the final items on our Christmas lists. Today, grocery shelves full of household necessities like toilet paper and hand soap are barren. The coronavirus, also known as COVID-19, has interrupted business operations at a rate unmatched since the last World War.
With seamless integration into ERPs and accounting systems and instant access to invoice approval and payment information, AP departments could be functioning at peak efficiency from a boardroom or a basement in less than 30 days.
In today’s digital world, no one really uses checks regularly for their personal transactions. Ask anyone outside of the finance industry the last time they saw a paper check, and they’ll more than likely tell you it was while binge-watching a 70’s sitcom. The steps required to process check files are also very dated.
Wouldn’t you be the company hero if you created a way for the company to earn extra revenue (cash) just by doing your job? With virtual credit cards, your company can earn cash rebates while paying your vendors or suppliers.
In July 2018, the FBI reported that Business Email Compromise (BEC) and invoice fraud had resulted in over 12.5 billion (USD) lost globally since 2013, with 80% of businesses reporting attacks in the last 12 months. In 2019, fraud grew by 3%, and it’s expected to reach $26 billion in 2020.
While both large and small companies turned a blind eye to advancements in B2B payment methods, IT infrastructure, payment automation solutions, invoice automation, and increased security, fraudsters poured all of their energy into taking advantage of the apparent apathy in business finance.
Accounts payable managers will face new challenges due to technological advances, multiple payment channels, and pressure to reduce costs. Cloud technology and software automation, for example, have opened many doors for accounts payable managers to streamline processes, but there are still uncertainties on when and how to make AP changes to realize the benefits of these new opportunities. This adds a level of complexity to the accounts payable manager's job while at the same time providing hope of greater flexibility and insight into the data generated from AP. To help, we will address some of the most significant challenges accounts payable managers will face in 2020 and how best to prepare.
In today’s world, finding time to make payments or transfer funds may be challenging. With management of people and processes, monitoring transactions, bank records reconciliation, creating and managing reports, calculating and monitoring benchmarks, and coordinating compliance, a Controller and his AP department are stretched thin to make everything happen.
With the right partner, businesses can maintain control of their payments, keep their bank relationship or relationships, AND still automate everything that is currently done on paper... saving time, saving money, and reducing errors caused by tedious manual processes.