Outsourcing AP and other financial tasks are not new phenomena. A recent outsourcing study by Deloitte found that 42% of their respondents outsourced finance functions and 36% planned to increase the use of finance outsourcing. Outsourcing in itself is not a bad strategy, but there can be some significant issues, especially when it relates to outsourcing AP.
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Digital transformation has been a common theme for the last few years. One area that wasn’t moving as quickly into that general direction was the finance department. A number of industry players have banded together to create an initiative under the DX Agents. One of the challenges that finance departments face is where they can start. What is the low hanging fruit for the finance department? We at OnePosting are big supporters of this digital transformation and feel that, for many firms, a great place to start looking is at their processes and systems around invoicing. There are often opportunities both with Accounts Payable and Accounts Receivable. Here are a few benefits of starting with your finance department’s digital transformation with invoices.
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Accounts Payable automation for Construction should be a big cost savings and process efficiency opportunity for any organization. Many organizations are still trying to handle incoming invoice through PDFs or even the mail while there are plenty of accounts payable automation benefits to be had. This means lots of manual effort and very little visibility on supplier invoices for the finance team. Accounts Payable automation should be an area of focus for many organizations. Reports have found that the average cost of processing an invoice is $22 USD. Here are a few of the benefits of automating the accounts payable process for a construction company.
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