Reprinted with permission of HighRadius
The accounts receivable function can learn a lot from what is going on in the accounts payable universe. Much of the evolution of the payments industry gets it impetus from Accounts Payable, and that is going to necessarily affect Accounts Receivable. In addition, how Accounts Payable processes invoices can impact how Accounts Receivable departments transmit invoice details.
Many companies have implemented online Accounts Payable portals to facilitate the electronic capture of invoices. The main goal of the underlying e-payables initiative is purchase-to-pay process efficiency. However, Accounts Payable cannot achieve their automation objectives if they do not realize a high level of supplier participation.
The problem is buyers, due to self-interest, seldom give much attention to their suppliers’ needs. Inadvertently, Accounts Payable departments are collectively forcing suppliers to deal with a multitude of different portals and processes.