Accounts Payable can be one of the biggest sources of risk, waste, and cost in an organization, with businesses suffering $3.4 billion in business email compromise losses in 2023, per the NASDAQ/Verafin Global Financial Crime Report. There is a significant opportunity, too, for those who know where to look for it.
Leading organizations turn AP into a profit center that makes timely, secure payments to happy suppliers, avoiding the pressures of too much paper, too many exceptions, and a lack of visibility and investment in technology through automation and fraud prevention. With the right investments and the right attention, the function can be one of a Chief Financial Officer's top performers, not the traditional risky department that it long has been.
