Washington — Aug 25
Confronted with an increasingly complex market and a quest for untapped revenue enhancement opportunities, chief financial officers (CFOs) are increasingly pushed to integrate strategic planning with risk management. Most significantly, accounts payable (AP), traditionally an administrative function, is becoming a new center for business strategy with the aid of technology.
Top executives with Anybill Inc., a provider of automated accounts payable services and electronic invoice management, see the transition manifested in two ways: with e-payments and automated invoice processing, AP departments can now focus on proactively capturing savings and eliminating overpayments; and the AP professional, without the labor-intensive manual processing of paper invoices, can reframe his/her position as integrated with overall business planning.
Matthew Voorhees, Anybill’s chief executive officer, said the sophistication of accounts payable software has largely eliminated the traditional, time-consuming process of matching and processing paper invoices. “AP software and e-payments eliminate a costly and vulnerable (component) of the organization. Accounts payable is now less reactive, and that team is actively looking for a competitive edge through tapping strategic sourcing initiatives, preventing price-related overpayments, and finding discount opportunities.” Voorhees added, “The (technology provided) financial control now available in AP is a game changer. In this economy, any opportunity to locate and recover revenue is significant.”
Source: Anybill Inc.