The CFO’s Guide to AR/AP Automation
The AR/AP team is one of those groups within finance that’s often overlooked for process improvement. That’s a mistake because automation dramatically speeds both accounts receivable and accounts payable, reduces overhead, and minimizes the risk of errors. But simply looking at AR/AP automation as a cost-saving exercise will likely miss some of the biggest benefits that will come from the effort.
Say a company envisions doubling revenue over a five-year period. Without improving AR/AP, it’s reasonable to expect associated costs will also double. That alone should be reason to rethink how to get the work done. But while it’s easy to see the budgetary impact of hiring more people, manual accounting processes will likely slow the march toward doubling revenue by harming cash flow, policy compliance, customer satisfaction, financial planning and analysis, and more
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- Create Date March 9, 2022
- Last Updated January 11, 2023