Why Senior Management Loves Accounts Payable Automation
Selling accounts payable automation to senior management is getting easier.
Why is the boss suddenly more willing to spend money on accounts payable automation? Lower costs are certainly part of it, and rightfully so. But of greater importance to senior management, per Aberdeen Group, are strategic benefits that businesses achieve from accounts payable automation:
- Improved/standardized processes
- Optimized working capital management
- Higher on-time payment performance
- Improved spend management
More senior managers recognize that these strategic benefits are hard to come by without automating accounts payable. If data is trapped on paper invoices and in manual processes, senior management cannot have the timely insights and analytics they need to accomplish strategic objectives such as process improvement, supply chain financing, liquidity management and mergers and acquisitions.
Electronic invoicing solutions such as NexusPayables help businesses achieve their strategic goals.
Electronic invoicing solutions automatically route invoices that require approval or exceptions based on pre-defined rules. Freed from the drudgery of manually processing invoices, staff has more time for value-added activities such as data analysis. Electronic invoicing also ensures that invoices requiring review are always sent to the appropriate person. Alerts and notifications, and real-time invoice tracking, help eliminate delayed or lost invoices. What’s more, online collaboration facilitates the resolution of disputes. This helps ensure that businesses have more opportunities to capture early-payment discounts. And electronic invoicing solutions digitize and serve up all invoice data and related information in a usable way, facilitating process optimization, proactive capital management, and strong spend management.
The automation provided by electronic invoicing supports strategic initiatives in several ways:
- Lower operational costs for increased profit margins and higher net income
- Better management of the month-end accounting close and financial reporting process
- Faster resolution of disputes with instant access to data and online collaboration
- More opportunities to capture early-payment discounts through faster cycle times
- Faster resolution of supplier inquiries with ready access to invoice and payment status
- Real-time visibility into cash flow and enterprise spending
Want to see how NexusPayables can help your senior managers achieve their goals? Contact us today to schedule a demo.