Happy Accounts Payable Recognition Week!
As a part of AP Recognition Week, Esker would like to thank accounts payable professionals for all they do to not only benefit their AP departments, but their organizations as well.
Traditionally, accounts payable (AP) has been viewed as a non-revenue generating department. That may be true for AP departments that are still manually entering invoice data into their ERP/business system. However, we understand the value the modern-day AP department brings to a company’s bottom line. With the advancement in automation technology, accounts payable departments have gone from back office functions to strategic revenue generators.
Accounts Payable is Increasing Profitability
Improving company profitability is the biggest goal of executive management. AP departments with an automated solution for invoice processing in place help their entire company by:
- Improving operational efficiency
Vendor invoices can be processed up to 65% faster by removing manual sorting and handling.
- Eliminating wasteful spending
Through faster processing, late payments can be an issue of the past, and AP will be able to capture more early payment discounts.
- Generating greater productivity from employees
With less time spent on manual processing, AP staff can spend more time on value-added tasks like dispute management.
- Developing suppliers relationships
AP staff can also focus more on improving supplier relationships which could lead to negotiating lower prices.
Cheers to Accounts Payable!
Esker would like to say “cheers” to all the hard-working accounts payable professionals who strive to improve their company’s bottom line!
Celebrate with us and check out the infographic, How to Make the Perfect Accounts Payable Process.