There are some major technological changes on the horizon and Accounts Payable (AP) staff need to be prepared for the shift.
“The future trend in AP processing and management will be to do more with less therefore putting a lot of pressure on existing staff to perform more productively and efficiently”, says Carel Spies a specialist in the financial and accounts payable field.
Therefore companies will need to look to automation to increase their invoicing output.
According to Spies, “there are basically four trends on which the AP landscape is concentrating now”.
These trends centre on technological influences in business such as automation, electronic voice authorisation as well as mobile and cloud technology.
“Staff will need to adapt to this shift to automation otherwise they will be left behind.”
In the marketplace speed, accuracy and accessibility will be the main factors that will separate an ordinary business from a successful one.
This is especially true in the accounts payable department. As Spies explains, “digitising the authorisation process will be key for improving productivity, cutting late payment penalties and providing complete visibility of the approval process.”
According to Spies there is greater demand for on-line real time efficiencies and financial AP departments are feeling the pressure to meet this need. For this reason mobile devices such as smartphones, tablets and notebooks to support invoice approvals and purchase order requisitioning whilst ‘on the move’ will become a necessity.
Another popular trend is the shift from office-based work to decentralized systems and remote workforces. As a result it will become imperative to utilise cloud technology to a greater extent.
As these trends become reality any methods that delay the automated invoice processing and payment process will be eliminated.
During the Accounts Payable course hosted by Alusani Skills & Training Network®, Carel Spies will explore these trends and help organisations and employees prepare for the coming changes.
For more insights join the Accounts Payable Processes & Best Practices course held by Alusani Skills & Training Network®. Please contact Alusani® for the latest dates. You can save up to R2000, when you register and pay early!