Accounts Payable Survey 2010 – Key Findings

The Future for AP in 2010

The last 18 months have been challenging times for all organisations during which time the collapse of several household names has been a sharp reminder that no-one can afford to become complacent. With Accounts Payable increasingly taking on a more strategic role, and moving away from the mainly transactional role of the past, CEOs are responding by placing further demands on the department.

With this in mind, it came as no surprise to see that increasing efficiencies (83%), reducing costs (61%) and implementing new technology (51%) came out as the top 3 challenges facing AP for 2010.  Get these three areas right and the control is back where it’s needed – in the hands of the AP Manager.

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Top Tips For Best-in-class AP

Over the past 5 years or so, even the smallest accounts payable operations have taken steps towards automating and updating their processes in order to make them more efficient. Many larger organisations have adopted these changes on a large scale. All this is in the quest for best-in-class AP. New technologies, like electronic invoicing and electronic funds transfer (EFT), have done much to enable these changes, allowing AP professionals to play a much more strategic role and to focus on more value-added activities rather than just the necessary daily processes.

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Public Sector Prompt Payment Promise Requires Best Practice Processes

Since the government’s Prompt Payment Code came into play in October 2008, the practice of paying promptly within 30 days or less, has become considered an example of best-in-class Accounts Payable procedures.  From the same date, all public sector organisations were expected to pay undisputed invoices to small and medium enterprises within 10 days of receiving them.  This was a tall order given that councils and other public sector organisations received no additional resources to help them achieve this goal.

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