9 Things To Know When Planning Your B2B Payment Processing Strategy
Winding down Q2
3 min read
Chris Cosgrove
:
Feb 6, 2015 4:54:06 PM
It’s a fact, this is the time of the year when most folk’s nonchalant New Year’s resolutions are broken. Sadly, too many folks give up on their goals far too quickly and slip back into established life patterns, whether health & fitness, financial, or work related. To be certain, we at CloudX are much bigger fans of resolve. Resolve is a more steely-eyed character that winners possess and is what sees them through the tough times into the fruit bearing seasons. With this as a backdrop, we want to help you improve your Accounting Operations to be lean and mean in 2015. And yes, that rhymes, and we like that too!
Accounts Payable automation is a broad term. That could mean front end invoice processing (ie. OCR to eliminate data entry into Accounting systems), or business rules and digital workflow solutions to mimic manual approval processes, to electronic payment automation (wires, ACH, & virtual payments). Many companies have dabbled in automation of one sort or another, but the most prevalent has to be around invoice archival and document management. Sadly, for many folks, if this isn’t done right it ends up adding to the process without any true dynamic process benefit, but this is tangential. So the question arises…which is the right avenue to pursue?
That is a highly subjective topic because every organization has differing priorities, objectives, and challenges. That being said, it’s a good time to do some introspection and ultimately planning for the future state processes you’d like to see. Part of this has to do with understanding document life cycles in their entirety and clearly defining just how much interfacing with documents drags process and hinders improvement.
If we were to prioritize a few areas as your personal consigliere, we’d say the following:
If you’re not sure what the right approach for you is, by all means continue to check out our information here or feel free to ask us! We’re more than happy to share our insights with you and get you conquering on the shortest path to glory!
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