Prioritizing Payables: Reduce Costs, Minimize Errors, and Strengthen Financial Control with AP Segmentation

Sponsored By Anybill

Topics:

Accounting > Revenue Management

Business Software

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Abstract:

Successful businesses understand the Pareto Principle, also known as the "80/20 rule" or the "law of the vital few." Effective marketing organizations, for instance, have become experts at focusing their attention and resources on their most profitable customers. Yet when it comes to business operations in finance and accounting, in particular Accounts Payable (AP), most companies give little, if any, thought to this rule.

As a result, many companies miss an important opportunity to minimize cost and maximize revenue. They don’t focus on invoices that matter most, resulting in higher costs due to pricing errors, fraud, late penalties, and the inability to identify maverick spending. Handling all AP the same - the "big bucket" approach-creates a cascading effect that leads to inadequate operational control, inefficient business processes, and perhaps most critical, excessive transaction costs.

DETAILS

Sponsored by: Anybill

Released: June 03, 2008

Length: 11 pages

Format: PDF (862 kb)

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