January 12, 2022
Another year has come to a close, and a new one starts. Trends and countless surveys are showing that forcing a return to 100% in-office work will not bode well for organizations. “The great resignation” is happening in part because talented team members know that they can find employee-first organizations who understand there’s no reason to force them into an office when their work can be performed just fine (in some cases, better) remotely. Indeed, there has never been a worse time to blaze forward with an attitude of “we’ve always done it this way.” Still, firms and organizations need to continue operating in the most efficient and fiscally responsible way they can.
So, how can we create an environment where everyone wins? Operationally, the cornerstone of success in the new normal is technology. To solve this quandary, we need to break the organization into pieces and figure out how to achieve a win for each piece. This article is the start of a series of pieces that aims to help firms and their clients embrace cloud technology to help them get their “win.” Given where we are in the year, we’ll start with a very timely and key function that no organization can get away from – Accounts Payable and Vendor Management.
By the time you add up all the costs that go into Accounts Payable processing – labor costs, infrastructure costs, supplies costs, and transaction fees – it can cost anywhere from $14 to over $75 to process a bill.
To continue reading, proceed to this whitepaper.