Leveraging technology for accounts payable and expense management
TECHNOLOGY BULLETIN |
In a more challenging business environment, middle-market companies must discover ways to become more efficient without stifling their ability to remain agile. To achieve these goals, many organizations are implementing new technology platforms to manage the accounts payable and expense management functions, leading to greater visibility, control and stronger decision making. In addition, emerging technology enables finance organizations to manage these key functions in a more cost-effective manner.
In the past, manual accounts payable and expense management processes were time consuming, resulting in lengthy invoice turnaround times, poor vendor relationships and difficulty managing the cash conversion cycle. However, new solutions better align people, processes and technology to increase flexibility and efficiency while implementing stronger controls and insight for management and other key stakeholders.
Leveraging technology within these critical functions also provides several additional benefits, including:
- Inherent workflow automation
- Real-time reporting
- Stronger spend analytics
- Electronic imaging
- Increased security and privacy capabilities
As more companies introduce greater automation within accounts payable and expense management, all organizations should consider integrating emerging technology or risk being left behind. New platforms can bring a host of benefits and process improvements, but companies must be careful to choose the right platform amid a growing number of options. For more information on assessing your needs and integrating technology that aligns with your business goals, read our white paper, Automating accounts payable and expense management.