Daniel, a successful operations director, joined a multinational organization 3 years ago and has been failing to achieve his target. His dependence on partners, suppliers and service providers was not a reason to blame.
How did Daniel, a successful operations director, meet such an unfortunate fate? What was the reason behind his failure?
Even though Daniel approached his regular suppliers, he failed to maintain them and resorted to other less experienced companies to try and get past his own company’s irregular payment cycles. Daniel’s problems were a victim of:
This recurring phenomenon, results in a swarm of employees throwing blame and escalations to their accounts payable departments and this usually resonates across any given organization.
Daniel is working for a multinational, by the sound of things, their accounts payable teams are overwhelmed by the number of invoices they have to execute periodically. Putting myself in their shoes, I would assume they had messy desks, problems with lost invoices, frequent mistakes in their data entries, prioritized invoices and a massive load of follow-up emails, calls and pending approvals.
Well believe it or not, even super heroes need the support of their teams and a series of actively robust technologies in order to prevail. Batman relies on his butler, Alfred, for deploying his super advanced tech-gadgets. Iron man relies on Virginia Pepper and the list goes on.
Your finance team consists of a group of super heroes who work hard to sustain the company’s financial standing, control expenses, protect against fraud, guarantee timely payments and save the company from its potential doom.
Don’t blame your accounts payable for being weakened heroes, you should blame the absence of the right financial tools to empower them into success.
To enable your accounts payable teams, account payable automation platforms are vital to the organization’s success.
To learn more about e-invoicing, click below: