It's Accounts Payable Appreciation Week and we thought we should share some of the ways that this unsung hero of every business can really impact the company and it's overall performance.
Of course, we should clarify that we are talking about an Accounts Payable Department that is automated and issuing electronic payments. Electronic Accounts Payable can provide advantages such as time-savings, controlled expenses, added flexibility and greater visibility to cash-flow. But there are greater advantages that this department can make on your business that you may not have considered:
Overcoming the monumental barrier of collecting supplier bank instructions is typically close to the top of the list of reasons why companies rationalize continuing to issue check payments.
Who can blame the CFO or CIO for their lack of enthusiasm toward a project that is seems like it could take months or years to manage when their staffs are already stretched thin managing other operational requirements? Relatively speaking, it seems that their decision to stick with checks just seems smarter.
Everyone has fears, whether in your personal life, at school, or at work. Sometimes people allow fear to control decisions and actions. Accounts Payable automation seems to have common myths or preconceived notions that we'd like to dispel.
Below are 5 myths which may be holding your company back from automating Accounts Payable.