Automating accounts payable and expense management
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With growing pressure to increase efficiency, middle-market organizations must work to streamline operations while remaining agile to adapt to changing markets. Emerging technology can help companies manage accounts payable and expense management for increased visibility, control and enhanced decision making in a cost-effective manner.
Companies seek to take advantage of automation in accounts payable and expense management for many reasons. Automated platforms align with the evolution and centralization of accounts payable, provide stronger spend analytics capabilities to manage cash forecasts and enhance ability to evaluate vendors and negotiate payment terms. Additional benefits of enhanced technology include:
- Built-in workflow automation
- Real-time reporting to track expenses
- Enhanced controls and spend analytics
- Electronic imaging capabilities
- Increased security and privacy capabilities
Technology implements more consistent practices for handling and processing data within accounts payable and expense management, and integrates more accountability into these functions. Keep in mind, however, that determining the best technology fit for an organization depends on several key factors. These factors include cost, complexity, ease of use, the desire for an insourced or outsourced model, and alignment with the organization’s structure and strategy.
A significant shift toward automation has given organizations the opportunity to transform the accounts payable and expense management functions. However, companies must be careful to make the right technology choices to align with their business model and goals.