Sputtering revenue growth has businesses paying even closer attention to their cash flow.
Sixty-eight percent of finance leaders surveyed by the Institute of Finance & Management (IOFM) ranked improved visibility into cash flow as their top priority. Sixty-six percent of those surveyed said that improving visibility into the performance of accounts payable processes is a top priority.
Overall, 59 percent of businesses surveyed by the Institute of Financial Operations (IFO) said their demands for real-time visibility into accounts payable information have increased compared to two years ago. This is no surprise when you consider that accounts payable information is critical to many of the financial metrics that finance executives say they regularly track and/or report on:
• Cash flow against current and future expenses
• Days Payables Outstanding (DPO)
• Percentage of invoices paid to terms
• Percentage of early-payment discounts captured
• Operational costs for accounts payable
Manual and semi-automated processes make it difficult to gather the data for this reporting.
But automated solutions such as NexusPayables improve visibility into accounts payable data with instant access to invoice status and detailed audit trails; interactive dashboards displaying data on cash flow and liabilities to suppliers; reporting on budget performance; visibility across business units through integrations with general ledger (GL) and enterprise resource planning (ERP) platforms; and anytime, anywhere access to access to archived invoice images and related data.
The visibility provided by NexusPayables enables financial decision-makers to quickly compare approved purchase orders with approved invoices, track the status of invoices, view credit memos (including the purchase order, invoice and amount), and compare budgets to actual spending.