The Fog is Lifting in Accounts Payable
Dense fog frequently grounds planes trying to fly out of San Francisco. It is simply not safe for pilots to take off when they cannot see what is in front of them. Reporting in a manual, paper-based accounts payable environment is as difficult as trying to fly on a foggy day in San Francisco. Staff can’t be expected to make informed decisions without the ability to see what lies in front of them.
In a paper-based environment: critical data is not captured, data is poorly organized, data is not timely, systems are not well-integrated and decision-makers cannot access key variables. It's also hard for staff to track the status of invoices and other documents in a paper environment and to ensure that staff has approved documents in a timely manner. Paper invoices can sit for days on an individual’s desk, get stuck in inter-office mail awaiting approval, or become lost or misfiled.
A paper-based payables environment also makes it hard for procurement to manage spend, for treasury to gauge the company’s cash position, or for audit to confidently close the books. It is no wonder that controllers rank improved visibility as their top payables priority, Institute of Finance and Management finds.
Automated solutions such as NexusPayables cut through the fog to provide timely insights through:
- Interactive dashboards and reports
- Real-time accounts payable performance metrics
- Accounts payable process, financial and Key Performance Indicators reports
- Configurable personal reports
- Immediate insight into financial performance to manage Key Performance Indicators proactively, spot problems, and identify bottlenecks
- Purchase-to-pay spending transparency
- Real-time spend data from invoices and automated spending category mapping
- Ad hoc reporting
- Mobile access to reports
These are the reasons that senior finance executives surveyed by CFO Research in 2015 identified better budgeting and forecasting as the most important benefit of automation.