For many organizations, managing the Accounts Payable process can be time consuming and cumbersome, draining internal and supplier resources. This is especially the case for larger companies, whose procurement processes can cross international borders and time zones.
Too much time spent on manually driven, labor intensive tasks such as supplier communication, information requests from multiple sources, background research into queries or disputes, responding to requests for invoice status updates – and the list goes on – means not enough time is spent identifying or driving through potential savings and efficiencies.
Businesses need robust strategies in place to enable Accounts Payable processes that reduce time spent on labor-intensive tasks and increase time to optimize cash flow and manage valuable supplier relationships. Without an efficient Accounts Payable process, organizations often incur additional and avoidable vendor costs, such as missing out on supplier discounts for early cash payment and negotiated supplier volume rebates.
When Synergetics embarks upon an A/P engagement, we do not underestimate the importance of change management and the culture of your organization. Those who find security in paper are not easily convinced to give it up. Often when an A/P management solution is implemented, the important ‘people-aspect’ is ignored and the success of a solution is often dependent on whether or not the solution is used. The experienced team at Synergetics is able to manage these changes with your organization, especially those involving both technological and people driven processes.