In any economy, it’s always been important for businesses to operate as efficiently as possible. When most organizations look to increase operational efficiencies, however, they tend to focus on processes associated with revenue generation. A software company, for example, might have no problem investing in tools that help developers work faster and more productively. Yet, at the same time, they might be hesitant to buy new equipment for the janitors who clean their offices.
Even though it’s not connected to revenue generation, investing in certain areas, such as accounts payable (AP), can have a profoundly positive impact on operations. For example, by implementing an AP automation solution, organizations can improve AP productivity while reducing overpayments, double payments and late payments. They can also improve their cash flow situation by reducing payroll costs and taking advantage of every early payment discount available to them.
Keep reading to learn more about how automating accounts payable enables organizations to build smarter AP systems that drive more efficiencies and help businesses soar to new heights.