Digitising accounts payable (AP): A key step towards financial excellence

Publisher
PwC Network
Year
2024
Language
English
Pages
4
File Size
237 KB
File Format
PDF

Abstract

In the finance and Global Business Services (GBS) landscape, the Accounts Payable (AP) function emerges as a key process, wielding significant influence over an organisation’s operational efficiency, cost reduction, compliance, and supplier relationships. However, effectively achieving these objectives and staying competitive in the business landscape poses formidable challenges due to high invoice volumes, manual processes, tax compliance intricacies, integration gaps, and limited visibility.

To address these hurdles and gain the benefits of a well-managed AP function, organisations must embark on a journey of transformation powered and fueled by technology, best practices, and innovation at the core. This journey begins with a thorough diagnosis of current processes, identification of performance gaps, establishment of future-state objectives, and rigorous implementation supported by change management.

Important technological interventions, such as multi-channel invoice entry, self-service master data creation, and real-time cash flow management, enable the streamlining operations and fostering agility, intelligence, and collaboration. By embracing digital-led approaches and partnering with industry experts like PwC and leveraging PwC’s Integrated Accounts Payable Engine, organizations can revolutionize their AP function, driving efficiency, innovation, and value creation in the digital age.

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