Being great at what you do means being as efficient as possible. Accounts payable and accounts receivable departments can be full of inefficient processes that can hold a company back. In this article, we will help identify the six wasteful areas and activities that can kill your business efficiency.

According to a study published by the experts at Triaster, "The 7 Wastes Killing Efficiency: How to Identify your Wasteful Processes", in order to be efficient, you have to understand the differences between activities and deliverables.

According to a detailed three-part survey of CFOs conducted by Ernst and Young*, CFO's feel now, more than ever before that there are four different initiatives or tasks they must perform in order to be effective. The importance of each of these four had become a higher priority compared to just three years earlier.

Find the road to cash management transformation for your business. Get insight into accurate financial reporting, and benefit from simple technology that transforms the departments gain analysis and reporting data.

Discover how payments impact your business and relationships.

From improved levels of productivity to lower costs, there are many positive outcomes of maintaining good supplier relationships.

Find out how A/P automation can help transform your business relationships.

Discover more on accounts payable automation:

• Top 5 Reasons to Automate
• Why Checks Continue to Steal the B2B Payments Spotlight and How to Prepare to Move to ePayments
• 6 Wastes That Kill Efficiency in Your Accounts Payable Department
• 4 Initiatives for 2018’s Most Influential CFOs
• Vendor Relationship Management
• The Road to Cash Management Transformation 

Did you know that an ERP isn’t really the best option for making payments? Electronic payment options are often very limited. You could be missing out on cash rebates offered with the virtual credit card.

Watch this video and discover the eleven reasons why an ERP is not the ideal payment solution:

Read more on e-payments:

• Which Should You Use? Purchasing Cards or Virtual Cards?
• How Payments Impact Your Business and Relationships
• Virtual Cards - When You Don’t Use Them, You Miss a New Revenue Stream!
• 10 Payment Automation Secrets Your Banker Won’t Tell You
• Is Converting to ePayments Worth the Investment?

In the after years of the countless technology advances that have disrupted businesses, there are still lagers who haven't adopted to digital transformation. Over half of all business-to-business payments still take place by paper check, sent via snail-mail. Research finds that many of these organizations are complacent with a process that works exactly as it did decades ago.What's the reason behind companies not making the switch to digital payments? Are they the die hard believers of the saying "if it ain't broke, don't fix it?" Or maybe they're a perfect example of a quote from innovator Steve Jobs, "A lot of times, people don't know what they want until you show it to them." We find this especially true when we demo to clients, how easy it is to automate accounts payable payments.