Will Your Accounting Team Pass the Test for Modern Accounts Payable?

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When blizzards like Juno huff and puff their way through the Northeast, usually you can stay pretty comfy inside, drinking a cup of cocoa while watching some TV. That is, until your power is snuffed out. All of a sudden, there goes all those modern conveniences—no more hot showers or hot food, no more entertainment (except for candlelight reading). You’re stuck completely in the dark.

Too many accounting departments are also left in the dark when a flurry of paper inundates their manual Accounts Payable invoice process. If you and your team have experienced any of the following 6 signs, then you’re in danger of being stranded in the dark ages of accounting—far removed from the warm glow of modern Accounts Payable. On the other hand, you’ve passed the modern AP test if none of the following apply to you:

Sign #1: Ever since the 90s, you’ve had the routine of emptying the Accounts Payable backup folders from the previous year into cardboard boxes to make room for the next FY’s check run and paper invoices.

Sign #2: For two out of the last three months, you’ve had to restate your Financial Profit & Loss Statements due to missed AP expense accruals.

Sign #3: You’ve had to track a 25 entry-long email thread to get just one invoice approved—and the icing on the cake: the final approver is out sick.

Sign #4: With little time to spare, you haven’t reconciled corporate credit card statements with payments for the last 6 months.

Sign #5: You’ve researched to death modern Accounts Payable automation solutions, but your request to your CFO got lost before the final sign off.

Sign #6: When you attended your recent yoga class and your instructor asked everyone to state their intentions for 2015, you envisioned out loud a paperless office solution.

A Modern Accounts Payable Process to Bring in the Light:

If you’ve had the misfortune of experiencing these signs, then it’s time to consider what it means to have a modern Accounts Payable process and how your accounting team can get there. So what exactly is modern Accounts Payable? It means having the right technology tools at your fingertips not only for eliminating paper but also for delivering real-time spending insight and promoting greater collaboration across the organization. To learn more, read Ariett’s article on modern accounting and Accounts Payable in Rockton Software’s new, 2015 GP Optimizer publication.

A Modern Accounts Payable Solution Is also a Cloud-based Solution:

Cloud-based, SaaS solutions are part of modern Accounts Payable because they provide key decision-makers with global access to financial data. For instance, from any location and at any time, Ariett Purchase and Expense Software on the Microsoft Azure Cloud platform allows employees to access and enter purchase decisions and contracts. By allowing managers to access electronic documents, transaction details and messaging from anywhere and any device, Ariett Purchase and Expense helps managers to quickly submit approvals and to effectively collaborate with employees and accounting. A Cloud solution that is truly designed for business today will also include features such as multi-currency and inter-entity functionality for a more streamlined Accounts Payable process across multiple corporate entities. With Cloud solutions like Ariett’s, you’ll be taken out of the dark ages of paper-based processes and into the light of modern Accounts Payable—with more access to information for better spending decisions.

By Ariett

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