Profit is the end goal for any company. Businesses try to spend as little as possible while managing operations. As business model splits into various divisions, one should have the right tools in place to achieve efficiency. Of all, accounts payable is one key function that needs to undergo huge transformation. Accounts payable is one […]
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Invoice fraud is the most common type of fraud that takes place in the accounts payable department. The fraud generally happens when vendors issue duplicate invoices and when there is no proper matching system in place. To prevent fraud from happening, your accounts payable department has to match purchase order details with invoice as well
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Automation is ruling the accounts payable industry for years and this year, artificial intelligence and robotics will play a key role in AP. Artificial Intelligence (AI) The usage of artificial intelligence in accounts department may seem something like out of fiction, but that’s actually what going to happen in 2017. AI is nothing but implementing
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Unfortunately, one can easily take advantage of accounts payable processes as they get buried in the mass of hundreds to thousands of invoice submissions. All these will make the accounting process more vulnerable to fraud and overtime and it can become quite a costly problem. Avoiding invoice fraud may not be possible always, but implementing
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If your accounts payable department is not adding value to your business, it is evident that you need to change the way it works. The fact is that the accounts department plays a key role in any business and to get the best value from the function, it is better to equip the department with
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Finance teams are undergoing a rapid change in organizations of all sizes. With technology on the rise, automation takes the job of accounting & administration and finance leaders will work to set the business strategy. Today, the finance industry is recognized as a center of business intelligence. The following are key takeaways from this technological
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Every year, you look at trends for how to manage business processes better. Accounts payable processes is one key functional area in business that still needs perfection. One technology that is helping business with accounts payable is the cloud. In 2016, most businesses have adopted cloud technology, making it easy to access financial data. So,
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While every business wants to automate back-office processes, the ultimate goal is to control invoice and spending processes. Automated accounts payable processes allow organizations to improve processes instead of depending on manual efforts. Automated accounts payable software not only controls the invoice routing process but also reduces processing times, decreases workload, and cuts down the
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Financial managers are expected to have greater control and visibility over the entire procure-to-pay processes. As the P2P process is one complex business process, businesses need to take an integrated approach to free up working capital and create more agile finance operations. This can be achieved by making e-procurement and accounts payable work together from
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Although AP is not the key focus of CFOs’ day-to-day activities, leveraging the power of AP automation can turn this department from a cost center to a revenue generator. However, CFOs should consider four things to realize the full value that accounts payable software brings to the business: Take advantage of early payment discounts Savvy
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