Get The Junk Out
If you’ve ever seen the TV show Hoarders, you’re in for a real treat. Through its raw and real approach to exposing the substandard level that some people are acclimated to living at, it provides a unique insight into a rare and disturbing subset of people in our modern society. Unfortunately some people get into such a psychological or spiritual place of negativity that they manifest a psyche that feels the need to grasp and retain literally piles upon piles of junk, to the point that common thresholds of cleanliness often go out the window. Through an intense gut-check process, interventions are staged and the cleansing process involving family, medical, and even operational folks kicks off after the subjects realize the state to which they’ve sunk. It’s kind of a cathartic experience, though something that should probably be avoided at all costs.
With that said, Accounts Payable invoice processing is very much something akin to this especially when you’re found in a manual processing environment. Paper invoices, copies, supporting documents, coding documents or notes, and the like create a hoarder’s paradise, and many businesses are eager to get out from the cushing weight of manual invoice processing. This is not only due to just the sheer volume of documents but the myriad challenges that manual processing creates to include late payments, lack of visibility, and high processing costs.
Enter Accounts Payable Software
With the deployment of advanced automation tools that comprise Accounts Payable software, you can meaningfully transform your invoice processing into something excelsior. Through intentionality and the right alignment of people, process, and technology you can make it something that creates value for your organization and curb the flow of documents internally while ushering in visibility and slashing costs. The wins generated through this effort, which don’t necessarily come cheap and easy, will be the wind in your sails to continue innovating internally. Often this becomes the gateway to ‘wall to wall’ process improvement and the gains in this area become the springboard and the impetus to drive change in others areas of Accounts Payable, most notably in payments.
When you get out from under the thing that is crushing you gain renewed energy from a fresh perspective to advance other positive changes. So, and this is more to the thrust of this article, beyond the basic concept just offered about momentum and perspective swing, Accounts Payable software paves the way for things like ePayments. Once you start to exercise tighter controls over the process and you don’t have the tiger by the tail, you can take the same tack with respect to payments, and the way most businesses are trying to go is via ePayments.
ePayments empowered through Accounts Payable Software
In our travels we came across this interesting article from PYMNTS.COM talking about this exact idea...and unfortunately some ePayments, particularly virtual payments powered by virtual cards are still slow to adopt in the market. Part of this has to do with vendor acceptance and the workflow required to process incoming payments. PYMNTS.COM asserts that more vendors are and payables departments are inclined to process ACH payments, which makes sense because of the push pay methodology, which while more efficient lacks the financial motivation that you get from monetizing your payment stream.
We think the bottomline here is that a rolling stone gathers no moss. Essentially if you’re already jumping on the invoice automation train and are willing to go half way in terms of invoice processing and get things streamlined and automated, then jump in with both feet and go all the way. In this regard you can literally transform Accounts Payable from just a process stakeholder to a value creator as it will more tightly align to treasury and cash management functions.
If you got something out of this, then please check out the ebook below!