The CFO’s Guide to AP Automation
The CFO role is expanding beyond just numbers. In today’s increasingly global landscape, it’s not enough for a CFO to simply manage the day-today financial operations of the business. They’re evolving—developing corporate strategy and contributing valuable analysis that drives the business forward. These forward-thinking finance leaders are spending less time closing the books and more time finding actionable solutions. They’re on a singular mission to improve productivity, reduce costs, and streamline all financial processes.
The modern CFO is moving from providing data to providing insights about data. The main imperative for today’s CFO is to ensure that the finance organization is embedded in every operational aspect of the business. And, to achieve results, they focus their time and efforts on these five key areas: By focusing their attention here, a CFO can be a strategic partner to the entire organization. But as their company scales, so does their responsibility. Oftentimes, they lack the tools needed to reach their full potential. To be a successful, modern CFO, there is one key question that needs to be answered… Do you have the resources you need to optimize operations and forecast for the future?
Providing clear and complete financial reporting
Analyzing real-time insights into financial results
Driving overall solution adoption
Making key decisions around business strategy
The Pain of Accounts Payable for the modern CFO, AP is the most maligned of all finance processes.
At each step of the payables operation from invoice processing to approvals to payments to issue resolution to reconciliation, there is the potential for numerous operational vortexes for your business. The time and expense needed to manage this functionded to manage this function is a huge bottleneck for today’s CFOs. Issues abound, including
Duplicate, lost, or missing invoices
• An influx of tedious, manual work
• Additional resources needed to scale
• Inefficient or outdated processes
• Lack of visibility
• Increased number of errors & discrepancies
• Challenges due to scaling
Today, manual processes are sucking the finance team dry, and the work isn’t slowing down. The larger an organization becomes the more bills it needs to pay, invoices will come from everywhere. But it’s not just the invoice process that companies need to contend with—the entire payables function will be heavily impacted, and the CFO will need to find the right solutions
Support scaling with internal resources and tools. Evaluate your financial processes and move forward to reduce risk in areas that are the most manual or inefficient. It’s important to empower your team to efficiently manage back-office tasks by providing them with the right solutions. Automation can provide the relief your team needs to manage AP. Plus, it can increase financial controls and reporting—uncovering actionable, strategic insights.
Don’t spend time pushing paper around. Manual, back-office tasks are a huge time-suck to you and your team. When you’re evaluating which aspects of your business to automate, be sure to look at the functions that would alleviate your team and transform your transactional processing. Setting up a financial tech stack that is scalable for your company is one of the most important initiatives for a financial leader.