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Matthew Delman (@MattD_Ardent) of Ardent Partners shares the five metrics that are effective indicators of every AP department's performance. Identifying the time-intensive manual processes, invoice exception rates, and cost per invoice will help you understand your current AP performance to gauge how automation might help you without draining resources.
A helpful cheat sheet brought to you by Hannah Augur of Dataconomy (@DataconomyMedia) for the next time you find yourself needing a refresher on banking industry terms, tech lingo, or fintech jargon. Learn what terms like PCI compliance, cryptocurrency, and payment gateway really mean, so that you can be confident in your next conversation about fintech.
Most of us don't think about invoicing errors impacting national economies, but as PYMNTS.com (@pymnts) suggests, these errors may very well have a global scale of influence. Misinvoicing affects trade data between countries, and this lack of transparency can lead to nations being robbed of billions of dollars from bad invoices generated for the purpose of tax evasion. Needless to say, it can be a big problem for companies with an international presence.
According to a survey by a U.K. provider of automated solutions, only 5% of SMEs in the U.K. reported that their accounts payable process is “fully automated". This falls in line with earlier industry predictions that automation has a lot of room to grow in the 2016 global market share. Cited in a report by docSTAR, predictions detail that the advent of AP automation has three drivers: mobile, data, and cloud technology.
Digital currencies are a trending headline in finance, not to mention, a mysterious topic to some. Demystifying blockchain is Rosamund Hutt of the World Economic Forum (@wef). To illustrate how a blockchain works, a helpful visual is included, denoting each step of how blockchain currency is sent, validated, and received. While blockchain paints a prospective future with less fraud due to the recorded and distributed nature of the public ledger of transactions, there still remains a question mark for many businesses on how it will be used in the future.
About the Author
Lauren is a Research Analyst at Nvoicepay. She has six years of experience in the technology and B2B payments industries.Follow on Twitter More Content by Lauren Ruef