About 66% of businesses report that invoice processing consumes more than five days per month. Given the volume of invoices, the majority of businesses dedicate at least five days each month to this task. Becoming proficient in invoice automation is …
Many Accounts Payable processes rely on manual practices that are time-consuming, error-prone, and at risk of fraud. With the arrival of connected finance, businesses can now simplify their Accounts Payable processes by using integrated digital tools, resulting in better accuracy …
As automation revolutionizes financial services, AR & AP Managers are embracing streamlined management of their financial processes, encompassing both Accounts Payable and Accounts Receivable. In this discourse, we unveil seven essential hacks to optimize these functions. From simplifying data entry …
The role of a Chief Financial Officer (CFO) has changed a lot in recent times. While they continue to oversee the financial health of an organization through traditional instruments like Profit and Loss statements and cash flow statements, CFOs are …
Contemporary business finance has evolved far from what we knew about the space. Modern-day financing proactively uses technology. Organizations use different payment tools, payroll solutions, ERP software, and data visualization platforms – all in hopes of streamlining financial processes. However, …
Did you know that 52% of companies identify slow, manual AP/AR processing as a significant contributor to business delays?
Smooth accounts payable i.e. AP operations and accounts receivable (AR) operations are crucial for business growth and day-to-day working. However, if …
Institute of Finance & Management (IOFM) data reveals that only 5% of PO-to-invoice matches are 100% accurate on the first try. Besides being inefficient, manual accounts payable (AP) or accounts receivable (AR) processes have many hidden and direct costs …
Finance Automation, AP Automation, AR automation, Finance Processes
From being manpower intensive to technology-driven – the shift in finance processes is more evident than ever today. Research shows that for finance functions in every industry, at least 42% of all …
Accounts payable (AP) is a crucial function for companies as the process determines the quality of supplier relations, purchase workflows, and the overall efficiency of the finance operations.
Several factors make AP a complicated and error-prone function. To begin with, …
Let us check out a typical “payments day” for Raj, a Proprietor of a supermarket with two outlets and his accountant before adopting connected banking.
The accountant logs into the accounting tool and the two current account banking portals. Through …
