CFO’S View of Accounts Payable: Cash is King
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- Best-in-Class companies have achieved invoice-processing costs that are 5x lower than all other organizations.
- Best-in-Class companies have effectively lowered their cycle time by 142% when compared to all other enterprises.
- Best-in-Class companies have reduced their exception rate by 114%.
Against the backdrop of the current economic crisis, finance executives are concerned about their short- and mid-term financing, as well as their ability to manage risk and execute business strategies. These executives have intensified their focus on working capital, especially improving cash positions. The typical A/P department is uniquely positioned to support a firm’s cash management objectives, including extending Days Payable Outstanding (DPO) but also capturing early payment and volume discounts while avoiding late payment fees and providing support to ensure orders and payments are compliant to contracts.
Related Magazine :
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- Accounts Payable Automation
- Best Practices - Accounts Payable Automation
- Leverage Optical Character Recognition (OCR) to Optimize Your Accounts Payable Process
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