With so many unknowns over the next 4 – 8 months, all we can do is focus on the steps we can take to help our people and our organisations to get through this unprecedented situation.
One thing is certain, though – a fully operational accounts payable function is going to be critical to successfully managing the financial health of each business.
This includes fingertip access to real-time information supporting our supplier relationships, payments and producing accurate and timely cashflow and financial management reports during the coming months of growing financial uncertainty.
Business whose current accounts payable processes are reliant on paper or key people being in the office to function will find it increasingly difficult to mitigate the inevitable resourcing impact of staff self-isolation.
If your staff are unable to effectively work from home, you may be either removing their option to avoid unnecessary public exposure to themselves and their family by coming into work or reducing the capacity of your business to process commercial documents and provide accurate financial information.
If home working is enforced, which seems every more probable, you may be in serious trouble.
AP automation extends the capabilities of your existing accounting software to enable 100% remote working for the entire accounts payable process.
Critically, almost all customers are live and fully operational within a single day.
There are many benefits to be gained from accounts payable automation, but today, enabling remote working to deliver real-time visibility and control over supplier accounts, prioritising payments and supporting your cashflow projections and delivering timely financial management accounts are the most important.
The time to act decisively is now, as the level of commercial disruption is going to grow with every day that passes. Businesses need to make the tactical decision now to solve their remote working problem.
And, as for cost, enabling a single person to work effectively from home for one day delivers a compelling ROI.
By Neil Robertson, Executive Chairman at Compleat Software