Businesses are counting on their CFOs to provide strategic insights to help drive growth.
But most CFOs cannot access the financial information they need, when they need it. The root of the problem is the manual and semi-automated accounts payable processes used by most businesses.
Fifty-eight percent of businesses surveyed by the Institute of Finance and Management (IOFM) say their demands for real-time visibility into financial information are significantly higher or slightly higher compared to two years ago. But most accounts payable departments have not kept pace.
- ERP platforms don’t provide the accounts payable visibility that CFOs need.
- Outdated payables systems don’t provide adequate data capture, validation or integration.
- In a manual environment, key data is incomplete, inaccurate, fragmented or delayed.
Nearly half of all CFOs and other senior finance leaders cite a lack of visibility into financial information as the top challenge in their accounts payable department, per IOFM’s research. Not surprisingly, 40 percent of finance leaders identify improving financial reporting as a top priority.
The only way for CFOs and other finance leaders to get the visibility their job demands is to automate accounts payable end-to-end: from invoice receipt to payment processing and settlement.
How electronic payments improve cash and spend visibility
Automated solutions such as acompay provide graphical dashboards and comprehensive reporting on the metrics most important to CFOs and other senior finance leaders show are making decisions:
- Spend-to-supplier ratio
- Spend by department or business unit
- Invoice volume and value
- Accounts payable process metrics
- On-time payment percentage
- Value of early payment discounts offered
- Percentage of early payment discounts captured
- Value of cash-back rebates earned on card payments
- Team productivity metrics
The combination of acompay and our partners’ solutions provide full financial visibility.
CFOs and other senior financial leaders can drill down into critical accounts payable metrics to identify trends, uncover potential issues and find opportunities for improvement. In an automated environment, CFOs and other senior finance leaders are more self-reliant, agile and informed in their decision-making. For instance, CFOs and other senior finance leaders can instantly access the status of a payment or the history of payments to a supplier, from any PC, laptop or mobile device.
All this helps CFOs and other senior finance leaders to:
- Improve operational efficiency
- Enhance working capital performance
- Increase control over corporate spending
- Head off potential regulatory, tax and fraud issues
But none of this is possible unless businesses automate accounts payable end-to-end. Automating invoice approval is not enough. CFOs and other senior finance leaders need complete visibility.
See how acompay can help provide your CFO or senior finance leaders with the visibility they need to drive business growth.