Automation of the accounts payable (AP) process has been a goal for procurement organizations for many years. The transition of businesses to remote work has illustrated that the need for AP automation is critical. While most worked from home, the accounting teams were one of the few departments that found themselves making regular trips to the office to process invoices and payments. Recent articles are highlighting the importance and impact of an automated accounts payable process.
- Accounts Payable Process Automation Report: Benefits & Solutions
Provides a review of an intelligence report that identifies the opportunities in B2B AP automation for accounting teams that primarily use manual processes. The report notes that automation can “cut costs by 81% and improve efficiency by 73%.”
- With Accounts Payable Automation, AP Teams Transition Smoothly To Remote Work
Jim Nicol’s recent article in Forbes highlighted the issue of manual accounts payable systems reliance on manual processes. “If invoices don’t get paid, vendors won’t send products or provide services…” The article notes the hurdles that organizations need to be overcome to move from paper to digital processing.
- The Procure-To-Pay Space Needs Amazon-Like Automation And Greater Payment Flexibility
Jack Mulloy, CEO of BuyerQuest, discusses the need to streamline the corporate procurement process. This includes a focus on technology that allows users to make purchases within a single interface, similar to popular B2C platforms.
- How BuyerQuest Enables AP Automation
Shares real-world examples of businesses who struggled with manual, process-intensive accounts payable methods and the role BuyerQuest played in helping a client improve their accounts payable process; driving automation and efficiency.
- TD Bank: Making AP Departments Digital And Resilient
Highlights survey data indicating that 28% of companies reported that the pandemic significantly affected their AP operations and that 86% of businesses say that automating payments has become a priority. The story goes on to discuss how companies are adopting new AP principles that will become known as industry “best practices”.
- Accounts Payable: The Present and Future of Automation
Corporate Spending Innovations
Mary Brandon of CSI delves into the current state of B2B payments, exploring the pain points experienced by accounts payable and barriers to automating payments. She offers tips to define AP automation requirements as well as how to take automation to the next level.
- How AP Automation Boosts Vendor Relationships
Explores the role that cloud-based accounts payable can have in fostering a lasting and profitable supplier relationship. The article goes on to note that over 63% of AP departments rely on digital processes to onboard new suppliers.
- BuyerQuest Features Designed for AP Automation
Delves into detail on a subset of capabilities, controls and configuration options of the BuyerQuest Platform that helps Accounting more efficiently manage accounts payable.
Accounts Payable Automation has transitioned from a “nice to have” business capability to a required, core business function. Businesses committed to becoming “best in class” must invest in processes and technologies that will enable AP automation and will drive improvements in efficiency, resource allocation and will deepen supplier relationships.
The BuyerQuest Procurement platform is purpose-built to streamline and automate procurement processes throughout the procure-to-pay cycle.
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