A Checklist for Developing a Future-Proof AP Organization
Transforming the accounts payable process delivers indisputable value in the form of reduced transaction costs, traceability and increased control over payment timing. Data from The Hackett Group’s most recent Purchase-to-Pay Performance Study shows that organizations with high levels of AP automation save 54% on invoice processing costs and use one-third as many internal employees. However, top-performing organizations don’t focus solely on process automation. Rather, they take a multifaceted approach – one that includes centralizing invoice receipt, digitizing all information, optimizing internal resources, and carefully balancing processes managed in-house with those that are outsourced. Recently, top performers have begun to focus on adding capabilities designed to deliver additional value, such as mitigating invoice fraud, enhancing quality and compliance, and increasing working capital value from the financial supply chain.