Transaction processing can be very time-consuming. It is very important to review processes from beginning to end to find areas of redundancy and tasks that can be eliminated. Additionally, finding and eliminating bottlenecks can reduce waste.
Below is an article from theaccountspayablenetwork.com that details some recommended methods on how to improve the process of transactions processing in your business office. After reading the article, give us a call at SpendBridge so we can assist you with streamlining your procurement and accounts payable processes to reduce waste.
Source: theaccountspayablenetwork.com | Re-Post SpendBridge 3/22/2018
A 2017 report from APQC, a business benchmarking and research firm, reveals that we’re still spending too much time on transaction processing.
While thought leaders recommend moving AP and AR staff into more strategic roles to capitalize on the cost of their labor—as well as to shield them from obsolescence brought about by automation—it appears that many organizations are still struggling with the relatively menial tasks associated with transactions: handling paper invoices and checks, manual keying, and so on. (more…)
There are various types of procurement to payment (P2P) models that many times depends on the size of your company. Instead of having 2 separate processes, research is showing the benefits of the Procurement and AP departments partnering to achieve reduced costs and a more streamlined process.
Below is an article from theaccountspayablenetwork.com that describes some of the best practices to promote a more cohesive partnership between procurement with Accounts Payable. After reading the article, give us a call at SpendBridge so we can partner with you to create a better Accounts Payable and Procurement process at your institution improving your cost savings.
Source: theaccountspayablenetwork.com | Re-Post SpendBridge 3/7/2018
Most organizations run P2P in two separate silos: Procurement is responsible for selecting and negotiating terms with vendors and then ordering goods or services from those vendors. And then the purchase gets tossed over the wall to AP to pay for it.
At very small organizations, this distinction is blurred. Procurement and AP may be done by the same person or by two people who sit near enough to each other to naturally work together. But as organizations grow, these silos become hardened barriers.
Change can be difficult, even if you know it will create a better outcome in the long run. Determining when change is necessary can be key in creating efficiencies and saving money. Additionally, making sure all of the key decision makers understand and support the change is a top priority.
Below is an article from paystreamadvisors.com that describes why it is necessary to get all stakeholders on-boarded in the organization’s procurement transformation. After reading the article, give us a call at SpendBridge so we can partner with you to help transform your accounts payable and procurement operation to be the most efficient it can be.
Source: paystreamadvisors.com | Re-Post SpendBridge 2/19/2018
Most of us, by default, are resistant to change once we are used to something. After a certain point, inertia kicks in and we sometimes resist change instead of adopting it for the good. The mind’s defense mechanism starts finding reasons, some rational and some completely irrational, for wanting to continue things the way they were in the past. (more…)
Leveraging a business network to automate the matching of order, invoice and contract data represents a huge advance in transaction processing. This includes a strategy of buying from the right suppliers at the right price.
Below is an article from sdcexec.com that describes the benefits of transaction processing. This approach helps organizations better manage their spending and enforce contract compliance, especially for non-PO invoices. After reading the article give us a call at SpendBridge so we can partner with your organization to implement transaction processing in your organization.
Source: sdcexec.com | Re-Post SpendBridge 2/1/2018
How can companies ensure that their employees are buying from the right suppliers at the right price?
In the world of accounts payable, approving invoices that don’t conform to contract terms may be an epidemic. While procurement may do a good job of negotiating contracts with suppliers, someone needs to be the enforcer. How can companies ensure that their employees are buying from the right suppliers at the right price, eliminating contract leakages that could cost an organization tens to hundreds of millions of dollars each year? (more…)
As more and more industries move toward automation there is a growing concern that the automation will put people out of work. Historically, with automation, a certain number of jobs may go away but it boosts the productivity and output of industry, which in turn increases demand for the skilled tasks that only humans can perform.
Below is an article from spendmatters.com how people partnered with the right technology can provide new opportunities and efficiencies that a manual process cannot provide. After reading the article give us a call at SpendBridge so we can strategize with you on the best ways to partner your staff with technology to achieve the most efficient outcome for your business.
Source: spendmatters.com | Re-Post SpendBridge 1/15/2018
Accounts payable (AP) clerks at leading companies are already seeing machine-learning programs automate and streamline their daily work, flagging suspicious invoices, reducing cycle time and saving their organizations money.
Artificial intelligence is boosting efficiency and making life easier for thousands of AP professionals today. But many of these professionals are undoubtedly wondering if sophisticated software might one day put them out of a job. (more…)