How To Convince The CFO an AP Automation Solution Is Necessary?
Companies continuously search for ways to cut corners and save money. The CFO is responsible for the state of the business’ bottom line. The accounts payable team plays a significant role in the organization’s financial well-being. Discover how to convince the CFO that the integration of an AP automation solution is necessary and not a luxury spend.
Get to Know the CFO
Getting to know the CFO doesn’t mean gossiping over lattes (although this might help if the CFO enjoys coffee). Instead, be aware of what the CFO needs to accomplish. A CFO focuses on company priorities, such as suggesting strategic initiatives that add value and strengthen the organization. Plus, a CFO must implement working capital and cash management strategies, show savings, and be an example of operational excellence. When the AP team recommends an AP automation solution, make sure the CFO can substantiate its implementation with reliable facts.
Control Cash Flow and Spending
Visibility is crucial to control cash flow and spending accurately. This info is essential to close the books before the end of the month. AP automation solutions help control indirect spend to improve cash flow and boost the bottom line. And this is one of the most significant goals the CFO is looking to achieve.
A CFO needs to forecast an accurate picture of costs, control P&L, and gain predictability within the organization. The financial reports should contain no surprises. Books should be closed within five days of the end of the month. And it should be clear-cut to determine and explain swings in numbers. AP automation streamlines procedures and provides clarity every step of the way.
Take Advantage of Discounts, Savings, and Rebates
Manual AP processes are tedious and time-consuming. Detailed work leaves room for human errors, especially when it is done in a frenzied rush. Processing invoices slowly can mean losing out on supplier discounts and rebates for early payment. If invoice timing lags significantly, the business might pay unnecessary late fees. AP automation solutions make it easy to take advantage of applicable discounts, savings, and rebates.
Maximize the Potential of the AP Team
AP automation maximizes the talent and potential of the AP team. Automation solutions tackle routine tasks, giving AP professionals more time for analytical work. The organization saves on labor hours and hiring staff to process invoices that can be done via automation. And the existing AP team enjoys the mental challenge of better projects.
Realize the Full Potential of Current Systems
A cloud deployment can be done in under three months. Easy integration with back-office systems, like the ERP, creates a viable hub of intelligence and visibility for a higher level of financial control within the organization. Invoice approvals and P&L reporting are simplified. Mobile capabilities put financial facts and figures in the right hands in real-time.
Help the CFO be a strong strategic player who improves the financial health of the corporation. Recommend an AP automation solution to address and fix key issues that are crucial to the CFO and the company.