It is also highly relevant in other areas – enabling more efficient working practices, scrutinising business spending and ensuring compliance. Identifying opportunities for improvement is relatively easy, but embracing them has been harder.
With access to short-term credit becoming increasingly expensive, the ability to closely manage and forecast cash flow is vital; errors and approval delays in the Accounts Payable process slow down the flow of this vital information. The lack of one clear, timely overview of payment information makes it even harder to make effective payment decisions.
Finance needs to scrutinise payments to check if discounts are being applied. Poor visibility in Accounts Payable processing can make it harder to spot more efficient procurement practices and negotiate better deals with suppliers. Timing is important — late payments can incur expensive penalties or costly interest charges.
When it comes to compliance and transparency, the lack of one coherent payments picture can make it harder to track errors and anomalies. If the Accounts Payable process is not supported by robust archiving then Finance is unable to rely on a clear audit trail.
Finance can be a key driver of growth, by spotting efficiency savings and identifying the most profitable areas of the business, but a heavy administrative workload and poor visibility can restrict its contribution, with skilled professionals spending too much time caught up in menial tasks.
Working with you, Vision can help you address your Accounts Payable challenges and add more business value. Vision provides solutions for all stages of the Accounts Payable process — from large scale automation across the whole process, to simpler, smaller changes to improve visibility and control.
Take more control
Whether it’s by empowering faster, more accurate processing, or just enabling quicker, clearer reporting, you can improve your control over cash flow. Optimising the Accounts Payable process means you get the information you need faster and more accurately. And that lets you forecast more effectively over shorter timescales, improving cash-flow planning and budget management.
Get a clearer view
More visibility and control means you can avoid the pitfalls of late payments and time-consuming supplier disputes. With more free time, you can scrutinise payment discrepancies at lower thresholds than before, and identify more opportunities for smarter procurement.
There are many ways to improve transparency too. These could just be simple changes to archiving that cuts the number of lost documents and saves you time. Or you could track invoice changes better, adding more context and detail for a stronger, more complete audit trail.
All the functionality, efficiency and control of a large enterprise system is now available to smaller Finance Departments. Call today for more details 08449 808700 or contact us