Most finance executives view accounts payable (AP) as a cost of doing business. But tech-savvy CFOs realize the value AP automation solutions bring to this critical business function. Additionally, AP may not be the focus of a CFO’s day-to-day activities, taking advantage of AP automation can turn this department from a cost center into a profit center.
Specifically, CFOs should consider four things to make sure they are maximizing their return on investment as they adopt AP automation solutions.
- Capitalize on early payment discounts
- Leverage payable data for improved cash management
- Create scalable processes that reduce hiring needs
- Transform AP into a profit center