Do you wonder what your CFO thinks of your accounts payable department? The results may surprise you, if the findings of a recent survey conducted by IOFM are any indication. IOFM recently asked its members to guess their senior management’s opinion of accounts payable.
Nearly one-third of accounts payable professionals surveyed by IOFM (29 percent) believe their senior management would say, “Accounts payable ‘gets the work done.’” Similarly, 20 percent of respondents believe senior management would say, “Accounts payable is efficient and accurate.”
Only 13 percent of those surveyed believe their senior management would say, “Accounts payable is a strategic partner that is constantly working to add value.” Worse, three percent of respondents believe senior management would say they are not familiar with their accounts payable group.
These findings suggest that accounts payable has a long way to go in repositioning itself from a tactical back-office function into a strategic partner within the organization. Accounts payable professionals can start by using electronic invoicing to unlock the financial data trapped on invoices. This data is crucial to helping senior management make informed financial and strategic decisions that drive corporate profitability and growth. Otherwise, accounts payable will continue to be a tactical function, and miss its opportunity to become a trusted source of financial data to the enterprise.