AFP has released the second installment in its two-part series on creating a payables strategy. Underwritten by Fifth Third Bank, the new guide
offers an even more in-depth look at how a payables strategy can help a company prevent unnecessary expenses, possible regulatory compliance failures and an inability to benefit from technological enhancements. Creating a Payables Strategy, Part I
focused on the rationale for having a payments strategy, factors companies should consider when developing such a strategy, best practices from other companies, implementation guidelines, and tips from business practitioners. Part II
expands on the first edition by looking at electronic payments, straight-through processing (STP), industry leaders and facilitators, in-sourcing/outsourcing, and analysis and reporting, while advising companies to “future-proof” their strategy.
Future-proofing a payables strategy can help companies identify which processes and payment systems can be improved upon now without having to change them again in the future because of innovations or other factors. Further, companies need to create flexible, adaptable ways to realize the benefits of those improvements. As technology evolves, companies can meet required changes by consolidating systems and the processes that support them. The fewer systems a company maintains, the easier it will be to make the adjustments necessary to update its systems.
The AFP Payments Decision Guides are intended to help corporate practitioners make informed decisions about payables strategies and key services. The new guide relates to previous ones published in Q4 2012, throughout 2013, and Q1 2014 that provide a broad understanding of business payments and their relevance to trading partner relationships. The earlier guides inform possible tactics to implement companies’ chosen payables strategies.Download the AFP Payments Decision Guide: Creating a Payables Strategy, Part II here.