Addressing Risk in Accounts Payable Processes
In 2023 it is critical for the success of any business that the CFO has a set of defined initiatives they can execute against. The role of a CFO is to manage the financial operations of a company and to identify new trends or technology that will help guide the organization towards success for this year and beyond.
As well, the CFO must be knowledgeable in a wide range of areas that help them create a clear plan to help others in the organization strive to achieve these initiatives.
The most important initiative for any CFO is to manage financial risk. The uncertainty of our economy forces CFOs to recognize risk before it happens.
These risks can range from customer retention, market swings, supply chain issues and even supplier health. In AP the risk of fraud is prevalent when paper processes are in place.
Optimizing Cash Flow
Next, the CFO must be vigilant about optimizing cash flow and navigating the business landscape in the year ahead. In order to effectively manage cash flow a CFO needs a strategy around working capital management, new sources or partners for financing, and most importantly favorable terms with suppliers.
As technology continues to evolve and becomes more important in every aspect of our lives, the CFO is ready to embrace current and emerging technologies.
Today’s average worker has had a smartphone in their hand since they were 12 years old. Gone are the days of people thinking technology is a luxury versus a necessity.
The CFO must have tools in place to automate repeatable tasks, provide advanced analytics, and keep the workforce connected across the country or the globe.
Focus on Optimizing AP 2023
In 2023 CFOs will focus on managing financial risk, optimizing cash flow, and embracing current and emerging technologies.
Automating broken/manual processes like Accounts Payable is one of the easiest ways to embrace technology, optimize cash flow and reduce the risk of AP fraud.
See our whitepaper on AP Automation Benefits for the CFO here.
Find out more about Rillion Accounts Payable Automation here.