Today’s business process automation methods and systems create opportunities to significantly reduce Accounts Payable operating costs and improve control, and enable AP to take on a more strategic role in the financial operations of organizations. We look at industry statistics that quantify some of those opportunities with respect to processing speeds and costs, and our experiences with customers using AP automation in JD Edwards ERP environments. The new AP is better, faster and far less expensive to operate. And we consider how some companies have increased profitability by reducing the total AP vendor spend through aggressive use of prompt payment discounts. Not things that “your father’s AP” could do well, if at all.
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The effective integration of comprehensive, independent workflow systems with Enterprise Resource
Planning systems can produce significant improvements in those business processes implemented with the ERP. This synergism fully delivers on the economies of scale promised for centralized ERP processing, while insuring and simplifying the requisite participation of the “expert,” often decentralized, knowledge workers.
Practical limitations of most ERP systems are considered, as is the manner in which automated workflow
overcomes those limitations to effect greater business process improvement. The results at two businesses are considered, each of which benefited from faster, less costly and more controllable business processes.
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Given the current economic conditions that exist worldwide, top management in your organization has probably challenged all aspects of your enterprise to do everything possible to improve profitability. They have called for everyone to do “more with less.” Everyone knows that management is heavily focused on improvements in revenue generation, supply chain management, manufacturing process improvement, and other “big ticket items.” They include all functions in the business in such challenges of course, but it seems clear to many finance and accounting people that management does not expect much help from the finance department other than continued excellence in managing and analyzing financial results. Many top management people think that financial processes are steeped in tradition and have already been improved as much as possible. Many of them believe that they need to look elsewhere to get the help they need.
Nothing could be further from the truth!
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