Introduction Simplifying and streamlining Accounts Payable processes is best accomplished with multiple approaches that are closely coordinated and prioritized. For example, while getting electronic invoices from suppliers might be achievable for a large percentage of your production-related invoice volume, you may need to add portal solutions that support supplier invoice submissions as an approach to […]
Introduction The concept of self-service technology for Shared Service processes has been around for decades, with the greatest penetration for Employee Services applications for the creation, updating, and distribution of employee-related information, with other efforts related to call center support, including supporting vendors for basic requests to answer the question regarding payment status and payment […]
Introduction A few weeks ago, Shared Services organizations were comparing approaches for responding to the COVID-19 pandemic, and this week Peeriosity will facilitate a panel discussion with Peeriosity members on a Peeriosity PeercastTM featuring leading member companies sharing ideas and answering questions about Shared Services delivery with the emergence of COVID-19. This “for members only” […]
Introduction To create an efficient and low-cost process for Accounts Payable, standardization and new technology tools can only get you so far. The biggest factors tend to be the quality of the inputs to the process, including clean processes and procedures for goods and materials purchased by teams of professional purchasing agents, to efficient processes […]
Introduction A key part of any Accounts Payable control structure is the ability to minimize duplicate payments. Even with all the integrated controls of the major ERP systems, companies continue to find it necessary to supplement ERP functionality with other technology solutions and outside audit recovery firms. Company Experience During a recent Peeriosity PeercastTM, a […]
Introduction As external service providers continue to improve their service offerings, more companies are including outsourcing as an important part of their overall strategy for Purchase-to-Pay. With the significant introduction of Intelligent Automation at many outsourcing providers, their capabilities have increased substantially allowing them to provide a service offering that is effective both operationally and […]
Introduction Many are familiar with the book, Reengineering the Corporation, by Hammer and Champy, published in 1993, which cited Ford Motor Company’s ability to eliminate 75% of their AP staff by implementing Evaluated Receipts Settlement (ERS) as an example of the fundamental rethinking and radical redesign companies must undertake to drive large scale improvement. While […]
Introduction Making improvements to working capital or cash flow requires a clear understanding of the details of current work processes, including fundamentals that include when payment terms begin, and the frequency and timing of payment runs. For example, saying your payment terms are 45 days means different things if the clock starts based on the […]
Introduction In the world of Accounts Payable processing for large companies with billions in annual revenue, streamlining processes and eliminating complexity wherever possible is critical. In some cases, the efforts required don’t seem to be justified based on the nature of the transactions performed. For example, the process for administering one-time payments to non-vendors is […]
Introduction Developing a solid relationship with key internal customers, such as Procurement, Finance, and IT, is important for the long-term success of any Accounts Payable organization. During a recent Peeriosity PeercastTM, we looked at the experiences of one of our member companies as they worked to enhance these important provider/customer relationships and how they measured […]