Rick Yvanovich/Founder & CEO/
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Previous blogs have discussed the important role of accounts payable management to the financial benefits of retail industry and the many advantages of accounts payable automation. Accounts payable automation, workflow, and e-invoicing have been in place for a long time as a remedy for common AP problems due to manual entry. Althought, AP automation can enhance accounts payable management and financial management greatly. However, many companies are still sticking with their manual processes. Why is this? There are certain barriers for AP automation; understanding these obstacles is an important step in overcoming them.
Many companies, especially ones in the retail industry—where accounts payable (AP) activities and transactions with vendors and suppliers are a critical part of the business’s operation—have been investing in e-invoicing and accounts payable automation as a solution to those AP problems caused by traditional manual entry.
The previous article has emphasised the impacts of AP on vendor relationships, and a well-managed AP can enable companies to take advantage of vendor payments. Findings from an Aberdeen Group survey demonstrate that several other factors encourage companies to focus on their accounts payable, such as a lack of visibility into invoices and AP documents, the high cost of the invoice process, and cash management.
Amidst the fiercely competitive environment of an economic downturn, along with closely maintaining customer relationships and searching for ways to boost sales and profits, retailers must pay attention to cost cutting as a way to enhance their profit margins. One area that can bring significant material benefits to retailers is their accounts payable (AP).
Can you imagine accountants as American cowboys of the Wild, Wild West in the 1800s? I can. And they can be dangerous. Yeehaw! Yippee-i-o-i-a!
As chartered management accountants, CIMA members throughout the world have a duty to observe the highest standards of conduct and integrity, and to uphold the good standing and reputation of the profession.
Business leaders everywhere are looking for new ways to gain as much profit as possible. They look from all different angles to see the best approaches in order to better run their business.
Building business efficiencies and greater competitiveness for North American companies. Regulatory authorities are on track to make the International Financial Reporting Standards (IFRS) a requirement for all publicly-traded companies in the US, Canada, and Mexico over the next few years. For public companies in these countries, the transition to IFRS will be the most significant regulatory change in many years and one with potential to directly impact overall competitive position.
In the realm of accounting, no one moved more rapidly this year than the Financial Accounting Standards Board and the International Accounting Standards Board. The two standard-setting bodies set forth an aggressive agenda that called for a dozen or so new rules to be issued by 2011.
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