Has the role of your A/P changed recently?
Today’s market constriction has forced A/P to step up and play a more pivotal part of overall company operations.
Many A/P departments have seen their roles expand steadily over the past few years. Several factors are responsible for the expansion, such as a rising focus on cash management because of tightening credit markets and increased uncertainty about the economy.
In addition, the growing increase in automation has resulted in the average A/P department being more visible — and more service oriented.
Check out the graph below (based on a recent Aberdeen Group study) to see which category your A/P department falls into:
Despite these findings, the study also found that almost half of A/P departments are without a formal, strategic plan. If your A/P department’s role has rapidly become more strategic, it may be a good idea to sit down with that department and iron out the exact steps it needs to take to achieve future goals.
- Share on
Free Training & Resources
Further Reading
The Financial Accounting Standards Board (FASB) is calling on publicly traded companies to report employee compensation. And that’s n...
Those of us who can remember the Internet becoming a fixture in the workplace also remember a lot of so-called experts making dumb predicti...
There’s no need to panic if you or one of your staffers discover they’ve made mistakes with your company’s 401(k) plan.&nb...
The wave of tech fraudsters landing in the slammer rolls on. Elizabeth Holmes of Theranos infamy, crypto hustler Sam Bankman-Fried … ...
Fewer college students are willing to put in the time and money to become accountants. Finance professionals are concerned about the dwindl...
You can’t be too careful out there! Fraud is a risk in every area of finance — even the auditor hired to analyze data and file ...
