It is relatively easy to think of AP as nothing more than the team where money leaves your organization to pay for goods/services. On the surface, this might not seem essential for overall business success. The bills must be paid on time, and ahead of that, accounts payable does not do much. But this isn’t […]
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Procurement plays a crucial role in an organization due to the major influence it has on the overall cost of the business. Most organizations still use spreadsheets to manage their purchases. This can lead to critical problems, including carrying excess or less inventory, missing out cost-saving opportunities, and more. The best way is to use
Electronic Procurement: How to Improve Efficiency and Save Money Read More »
Today, as more businesses implement work from home policies to protect the health of employees, a few essential changes are needed to be made. A robust travel and expense policy must ensure that all the existing business policies and responsibilities are correctly amended. As a part of the review, finance departments require to provide clear
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AP automation can enhance processes to improve productivity and save money. But, unfortunately, it’s not as easy as selecting any workflow automation system and utilize it. For the best ROI, you should put thought and effort into designing the automation procedure. One way to do it is to keep the best practices in mind when
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Expense reports include expenditures incurred by a worker on behalf of the organization- whether during the daily course of work or towards corporate travel. Such expenses comprise of business supplies, hotel stays, meals, and travel like local transportation or flights. The traveler should provide proof of their receipt that goes into the expense report. After
Alleviate Fraud and Handle Expenses Effectively with Automation Read More »
Due to natural disasters, political issues, or the recent coronavirus pandemic- businesses that run processes that depend mainly on people are at risk of major disruptions. One such process operated in almost all organizations is Accounts Payable. It has been observed that above 65% of organizations have business continuity plans in place, while 80% claimed
How Your Accounts Payable Team Can Ensure Business Continuity Read More »
Expense reimbursements are common in this business world. They provide organizations with a degree of control over staff purchases as they can select whether to reimburse an expense instead of giving them business credit cards. It has been observed that 1.7 billion dollars are the amount that the United States workers lend their employers
Expense Reimbursements: How It Is Hurting the Business Bottom Line Read More »
Late payments have become a major problem for most organizations across the world. Failure to pay suppliers on time impacts vendor relations, which could lead to supply disruptions, and costs the organization money. Manual accounts payable processes are time-consuming and are error-prone. An automated system accelerates the process as well as ensures compliance with policies
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Rapid growth in digital technologies is remaking business procurement and is poised to transform how the supply chain function delivers value. Mainly, when coming to a software solution for procurement management, the trend in the industry is that of AI-powered software. Advanced AI-powered procurement systems are enabling the future by providing access to previously unavailable
Procurement in the Digital Age – How AI-Powered Systems Can Handle It Read More »
The way you manage your AP processes can have a significant impact on your organization’s cash flow, fame, and growth. To be effective, accounts payable must be accurate, competent, and cost-effective. Rather than just being a necessity, AP departments are taking a new approach and incorporating AP automation software to help future proof their accounts
Six Best Practices to Get the Most Out of Your AP Software Read More »
