CFOs are looking to streamline, standardize, and centralize a number of back-office functions, including procurement and invoice processing. Here are five articles that examine improvements in back-office processes.
To truly transform the back office, companies must change not just processes and systems, but hearts and minds as well. Read more.
Process improvement in financial management means spotting resource leaks that you don’t see when working on a day-to-day basis. In the area of accounts receivable (AR) management, revenue leakage can take the form of unnecessary overhead costs, toleration of late customer payments, weak recovery of faulty deductions, or write-off levels that have crept too high. Read more.
If you have too many invoices that need manual intervention, you’re likely also to be plagued with slow processes and high AP labor costs. Read more.
Extending payment terms to 120 days or more frees up working capital for big companies. But it can also increase the financial stress on suppliers and ultimately lead to increased product costs. Read more.
Same Day ACH will mean quicker settlement of electronic payments via the automated clearinghouse network. Read more.