Do you know how many challenges are faced by the Accounts Payable function of any organisation?
The Accounts Payable function plays a major role in any of the organisation. It is responsible for paying the suppliers for the goods/services availed by the organisation. . It is termed as “cost” arm of the organisation
Challenges faced by this department
- Multiple channels of invoice receipts channels- leading to process inefficiencies
- Non-adherence to invoice submission guidelines- by suppliers
- Extended invoice processing time- causing delays
- Payment Delays-affecting vendor trust
- Excessive manual work- increasing errors and inefficiencies
Challenges leads to below risks
- Delayed payments- leading to penalties and missed discounts
- Reputational and credit risks- affecting market credibility
- Strained supplier relationships- impacting future negotiations
- Cash flow disruptions- hindering financial planning
- Operational disruptions- affecting overall business efficiency
“Join us to understand how we can work on these challenges to create more significant impact in the Accounts Payable Function”
