What to ask:
- What is the amount of accounts payable, per month and year (volume and dollar value)?
- What is the volume of bills you receive per month/day (volume and dollar value)?
- What is the percentage of duplicate payments made annually/monthly?
- Do you receive discounts for prompt payment? How are they currently managed? Do you receive them?
- Describe how the approval payment process currently works. (participants, rules, duration, exceptions)
- How does your current AP issues affect your cash flow planning?
- Is it important to get real-time process metrics?
- What is the impact of this process in other areas of your organization?
- Lower Processing costs
- Streamline invoice registration
- Provides CFOs and Controllers with real-time metrics to better understand outstanding liabilities and improve cash flow planning
- Eliminates potential hidden costs, fraud, late payments and process errors by generating accurate information through efficient, audited AP processes
- Enables AP department to obtain discounts from prompt payments
- Eliminates penalties
- Eliminates duplicate payments