MINNEAPOLIS--()--In today’s networked economy, standard accounts payable practices are rapidly becoming obsolete. Best-in-class corporations embrace centralization, automation, and performance measurement to improve their accounts payable (AP) processes. The results are impressive, reducing the time between invoice receipt to approval to 4.1 days and processing cost to as low as $3.34 per invoice, according to a recent Aberdeen Group study sponsored by Syncada from Visa.
“With a networked economy, smart technology can enable collaboration between buyers and suppliers and optimizing partnerships with banks”
Corporations, suppliers, and banks interact in a number of ways, from electronic invoice transmission to online collaboration to electronic payment, creating the connections that form a networked economy. However, increased connectivity must be properly managed in order to improve AP processes. While automation is the most common first step for organizations, it is an essential one for improving efficiency and effectiveness. According to the study, best-in-class organizations are 46% more likely to centralize invoice processing and 156% more likely to measure AP performance.
“With a networked economy, smart technology can enable collaboration between buyers and suppliers and optimizing partnerships with banks,” states Kurt Schneiber, Chief Executive Officer at Syncada. “By automating invoice processing and trade finance, buyers can work with banks to ensure suppliers can be paid quickly—improving supplier relationships while still optimizing cash flows. Leveraging automation and supplier-connected networks enables AP professionals to move from tactical to strategic planners.”
To learn more about the steps organizations can immediately take to save time and money with AP automation and financing, click here to join Syncada and Aberdeen Group as they discuss the importance of automation and the impact of a networked economy during a CFO Daily News webinar on September 18, 2012.
Syncada from Visa provides a B2B network for financial institutions to enable clients to increase control over their financial supply chains, regardless of language or currency. Financial institutions use Syncada to deliver standardized invoice processing and payment with integrated financing to their corporate and government clients. Syncada processes millions of invoices for buyers and makes payments to tens of thousands of suppliers in 47 countries. In 2011, Syncada processed more than US$21 billion in payments. Visit www.syncada.com for more information.