How Accounting Professionals Can Advance from Data Entry to Data Analysis through AP Automation
When it comes to accounting and finance, historically AP/AR departments have been the quintessential back office functions. But businesses today are expecting more, particularly from their accounts payable function. The C-suite is finally realizing that if they can get at the information and data housed in their AP department, they can use it to support better management of their working capital, mitigate potential risk, and make more strategic decisions.
But how will they accomplish that when many AP teams are still processing invoices manually, and all of that valuable data is buried in piles of paper?
Further, how will accounting professionals ever feel like they can advance their careers when there is no way to prove their value to an organization if their time is mostly spent on mundane, tedious tasks, like data entry?
Mark Brousseau, consultant, Institute of Finance Management (IOFM) spokesperson, and AP automation subject matter expert, believes that both of these challenges can be solved by digitizing the invoice processing workflow and predicts that companies who have not already automated their AP function will realize the true value of doing so…and soon. “It will be unrecognizable,” he says. “Digital, data driven, and strategic. Stakeholders will unlock the value of AP automation and leverage it in more ways than ever.” And senior leaders will be able to adopt practices and initiatives to help guide the advancement of accounting and finance professionals in their organizations.
Written by, Laurent Charpentier