The Necessity of Accounts Payable Process Automation
Payments automation is moving from a “nice-to-have” to a “must-have” in the eyes of CFOs.
- eliminating the cost of paper checks from Day 1
- earning an average 18 percent annual return from early payment discounts
- capturing tens of thousands of dollars annually – and in some cases, hundreds of thousands of dollars annually – from cash-back rebates on card transactions
- reducing their borrowing costs by standardizing their payment terms
- improving their budgeting and forecasting with real-time payables visibility
As evidence of the rising importance of accounts payable, consider that 58% of CFOs rate accounts payable as having “high value” and being a “critical component of their business,” per the Institute of Finance and Management’s (IOFM’s) Senior Finance Executive Survey. This is a sea change from the traditional perception of accounts payable as a tactical, back-offline function.
This white paper provides CFOs with a guide for transforming accounts payable into a profit center.