In today’s difficult, inflationary economic environment, every department needs to be looking for ways to save money and manage cash effectively. After all, we may be standing on the precipice of a recession, and it appears as though economic uncertainty won’t be subsiding anytime soon.
When organizations think about saving money, they often look to the chief finance officer and expect that individual to develop strategies to weather the economic storm. However, one crucial part of the finance department that is often overlooked by those outside finance—even though it can play a significant role in steering a business in the right direction—is accounts payable (AP).
For example, by automating manual AP processes, not only does the entire AP department become a much more cost-effective operation, but it can also make life easier for the C-Suite and other stakeholders across the organization. Let’s examine how.