Adrian Johnson
TLDR:
Key Points:
- Modern technology can automate tasks in AP and AR, streamlining operations and reducing processing time.
- Undertaking an AP and AR transformation requires careful planning and execution.
In today’s rapidly evolving business landscape, firms are recognizing the importance of deploying modern and digital payments technology, especially within the B2B space. Automating processes in accounts payable (AP) and accounts receivable (AR) can result in significant time and cost savings, as well as improvements in business profitability and productivity.
However, embarking on a modernization initiative for AP and AR is not a simple task. It requires asking key questions to ensure a well-planned and effective transformation:
- Identify pain points and challenges in current AP and AR processes.
- Review existing policies and procedures to align with best practices and regulations.
- Consider the impact of transformation on stakeholders, including employees, suppliers, and customers.
- Evaluate how technology can optimize individual AP and AR processes and select appropriate software solutions.
By carefully addressing these questions and considerations, firms can successfully automate their AP and AR processes, leading to improved efficiency, accuracy, and customer satisfaction. With the right approach and technological investments, companies can streamline workflows, enhance financial operations, and ultimately drive business growth.
