How to transform your accounts payable function into a strategic powerhouse
How to transform your accounts payable function into a strategic powerhouse
Inside Small Business 2 May - 3 min read
For many years, accounts payable (AP) has been a cost centre in most businesses. The primary role of this department is to make payments to suppliers, employees, contractors, and any other person or business who was owed money. Historically this function has been burdened by error-prone manual processes, slow payments, limited payment options, inadequate security measures, and a lack of integration between the company and its vendors. However, technology is now transforming these processes for AP teams, turning them into a more efficient business unit. Keep reading below to learn how your AP function can become more strategic and drive smarter collections for the business.
In recent years, the increasing adoption of mobile wallets and contactless payments has made consumers more comfortable with paying without the need for a physical card. In B2B trade, virtual cards work in a similar way whereby businesses issue credit cards to their customers as an additional payment option. Not only do virtual cards help […]
For businesses across all industries, improved accounts payable and accounts receivable processes can deliver efficiencies that drive growth. This growth comes from upgrading payment systems and processes to improve productivity and strengthen cash flow.