What are A/P's top priorities now?
For Accounts Payable, moving away from paper still tops the to-do list. But you may be surprised at some of your peers other goals for the near future.
“Electronic Invoice Management: Getting Rid of Paper from the Source,” a recent report from PayStream Advisors, revealed the top priorities of A/P pros.
According to the report, the following are the top six goals of Accounts Payable:
- Electronic invoicing (40%)
- Approval workflow for invoices (21%)
- Automate payment processing (16%)
- Implement invoice imaging (11%)
- ERP application upgrade (10%), and
- Outsource portions of the A/P process (3%).]
If your company is looking to automate some of its A/P processes, here’s a simple equation that may help determine if it’s worth it for you (Note: the complexity of the calculation can vary greatly):
A/P salary (benefits included) ÷ the # of items processed = current cost
Readers, are these findings consistent with your A/P department? Let us know in the Comments section.
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