Expense Management, Invoice Management
We recently ran a webinar in conjunction with Vendorin, which discussed some of the challenges faced by CFOs with their accounts payables processes. As part of the webinar, we asked some questions to gauge the current state of invoice automation, and some of the bigger issues currently impacting the function. The upshot of our findings is that, although technology plays a significantly greater role in AP than just a few years ago, there’s still plenty of opportunity to improve efficiency.Accounts Payable, Invoice Management
Chrome River is excited to attend VANTAGE 2015 again this year. We have several opportunities to get together with you. Many of you already use Chrome River EXPENSE. We invite you to join our "APAutomation" speaking session on Thursday, June 18 from 2:15 - 3:15 to learn more about Chrome River INVOICE. Also, stop by booth #13 in the Exhibit Hall to say hi!
Big data is already changing the ways companies engage in sales, marketing and operations. And its impact is not expected to stop there. Tradeshift CEO Christian Lanng predicts big data’s next big move is into the fields of finance and procurement, with a massive shift into the world of e-invoicing.
Need Cash Now for Your Growing Business? Improve Your Cash Conversion Cycle with Better Invoice Management
When your organization is growing quickly, you need to fuel that expansion with cash. You could try to borrow the money, but a better option might be to focus on speeding up your cash conversion cycle, according to a recent article on the CNNMoney website.
In one’s personal life, the need to dig out the checkbook is increasingly rare; using a credit or debit card or an electronic check is often more efficient and reliable. Paper checks are steadily losing ground to other payment methods in business, too, including Automated Clearing House debits, wire transfers and company purchasing cards. The average organization now only uses paper checks for half of its transactions with other businesses, according to a recent article on CFO.com.
In a humorous take on manual invoice processing, a post on the Business 2 Community blog highlights the “paper addiction” problem prevalent in some offices and prescribes a 12-step recovery plan.
At the launch for a new technology initiative, the project team is often riding a “sugar high,” and executives have vaguely grand things to say. With any long-term project, whether it’s a “big data” initiative or implementing AP automation, the initial rush of enthusiasm eventually fades while the rewards seem far off. How can your organization keep up the momentum with worthwhile projects that take a while to reach maturity?
It’s easy to see the disadvantages of a manual, paper-based accounts payable system: high costs, inaccuracy and inefficiency. Yet investment in AP automation tends to lag behind customer-focused improvements, according to a study discussed in Business Finance. Paper checks still account for over half of business-to-business payments, but that number is steadily declining as AP departments gradually move toward automated electronic processes.
The bill arrives a few days after your company purchases a domain name for a new service you’re launching. The invoice is an administrative fee for registering the new web address with the international domain name directory. While this document looks official and the amount requested seems feasible, it’s a scam. Is your company’s invoice management system robust enough to weed out these scams and solicitations?
I just love the Chrome River application. I could probably sell it!
Can’t we just move year-end, so that we can roll out Chrome River sooner!?