In accounts payable, poor control over invoice processing can result in higher costs, more errors, upset suppliers, and a greater risk of fraud.
Research from the Institute of Finance and Management (IOFM) suggests the greatest opportunity for AP departments to improve performance is by increasing control in four specific areas:
To help AP departments assess their invoice processing performance, Hyland and IOFM have created the AP Control Panel, a first-of-its-kind survey tool for gauging the level of control in these four areas.
Latest Report: Accounts Payable is a window to working capital.
Because most of the cash flowing out of an organization moves through accounts payable, it's a logical assumption that AP would have access to deep business intelligence on working capital. To explore this, the recent AP Control Panel, asked respondents to rate their insight into key metrics like accruals, discounts, spend and DPO.
While the results showed that more automation does in fact provide better insight into working capital issues, is it enough?