Accounts Payable Whitepaper: Automation and Processing

Accounts payable is the structured and systematic approach for managing supplier payments for goods and services based on contractual agreements held with the supplier or based on the supplier’s terms, where a contract may not exist.

Typically, an organization will focus its efforts on sales and managing clients, accounts receivable, or the cash-to-collection aspect of the business and spend less time managing accounts payable and the order-to-cash environment.

This means that while sales have generated, an organization may not be maximizing their spending power, buying the right goods and services at the right price, or paying suppliers on time and in full, as accounts payable is viewed as a by-product of the organization’s sales focus.

There are a number of metrics an organization can look at to understand if they are managing their accounts payable or spend wisely which should form the basis of understanding where your organization is currently placed or as the basis for automation and process improvement and for measuring return on investment within the Accounts Payable department. Learn more in our whitepaper.