CFOs need accurate, timely financial data; an automated AP function is the best way of getting there, Shan Haq, vice president of corporate strategy and development at Transcepta, says.
CFOs must always be planning for rare, black swan events with major disruption potential. By definition, these are unpredictable and often unleashed by nature, like hurricanes, fires, and pandemics. Aside from activating your business continuity plan, one can't do much beyond riding them out.
But problems originating internally are a totally different ballgame because, at least theoretically, they are controllable.
Accounts payable (AP) — and its labor-intensive tasks — have long been the bane of global finance operations, and the pandemic has only heightened AP frustrations. The lack of digitization, or automated invoice processing, is the main driver behind the inefficiencies blowing up AP budgets.