Growing a business in today’s constantly changing business environment requires CFOs to get more from the Purchase to Pay cycle that governs so much of the cash that moves through the business.
Networked P2P solutions combine cloud-based business networks with automated accounts payable, procurement and payments capabilities to make access to financial services much easier for buyers and sellers.
This whitepaper details the six critical components which must be considered by the businesses for ensuring the success of a P2P initiative.
Businesses should look for the following six critical components when evaluating P2P solutions:
- Accounts payable automation: Process improvement remains the top concern in accounts payable departments
- e-procurement: Facilitates the purchase of goods and services through approved sources using an online shopping cart.
- e-invoicing: e-invoicing accelerate invoice cycle times to avoid late payment.
- e-orders: Networked P2P solutions facilitate the electronic exchange of purchase orders, confirmations, and changes to orders between buyers and sellers.
- Global electronic payment: Migrating to electronic payments is the top automation priority of controllers surveyed by IOFM.
- Dynamic discounting: Buyer-funded financing that helps suppliers improve control and visibility over their cash flow