Hyper-competition drives department’s transition from cost center to strategic partner
Confronted with an increasingly complex market and a quest for untapped revenue enhancement opportunities, Chief Financial Officers (CFO’s) are increasingly pushed to integrate strategic planning with risk management. Most significantly, Accounts Payable (AP), traditionally an administrative function, is becoming a new center for business strategy with the aid of technology.
Top executives with Anybill, Inc., an established provider of automated Accounts Payable services and electronic invoice management, see the transition manifested in two ways: with e-payments and automated invoice processing, AP departments can now focus on proactively capturing savings and eliminating overpayments; and the AP professional, without the labor-intensive manual processing of paper invoices, can reframe her position as integrated with overall business planning.
Matthew Voorhees, Anybill’s chief executive officer, notes the sophistication of accounts payable software has largely eliminated the traditional, time consuming process of matching and processing paper invoices. “AP software and e-payments eliminate a costly and vulnerable (component) of the organization. Accounts Payable is now less reactive, and that team is actively looking for a competitive edge through tapping strategic sourcing initiatives, preventing price-related overpayments, and finding discount opportunities.” Voorhees adds, “The (technology provided) financial control now available in AP is a game changer. In this economy, any opportunity to locate and recover revenue is significant.”
Anybill’s President, Peter Bepler, says, “As it relates to spending and cash flow, AP has some of the best business insights in the organization, but not always an opportunity to use them to best advantage.” Bepler continues, “The quality of financial analysis now available to AP through new software and electronic invoice processing gives them the opportunity to evolve- to change their role from administrative to strategic. A positive for them and the (organization’s) bottom line.”
Bepler says the recession spurred interest in AP software that was already on the rise. “From January to May of 2011 we’ve seen payment transactions grow 42% over the same period last year. Anybill also added 59 clients in the same five months including Citrix Online, Redbull, Ann Taylor, and ten non-profit organizations.”
Bepler credits Anybill’s continuing growth to a “…strong market for cost-cutting business intelligence platforms, and companies overcoming their fear of technology.” He adds, “those who ignore how expensive the old-fashioned AP process is end up paying the price, literally and figuratively. Honestly, it’s hard to make a business case for delaying adoption of Accounts Payable automation .”
About Anybill, Inc.
Since 2001, Anybill has been developing and delivering the most secure, comprehensive and advanced suite of complete, on demand Accounts Payable Software-as-a-Service and sales tax payment solutions to small and medium sized companies, public accounting firms and not-for-profit organizations. Anybill’s unique back office business process enables users to save time and money through workplace automation, instant data visibility, financial transparency, records security, fraud protection and contributions to the conduct of financial audits.
Anybill is based in Washington, DC and has a Western Region office in San Mateo, California. For more information visit www.Anybill.com.