Quiet periods may bring temporary relief for accounts payable, but this is the time to review processes and remove reliance on error prone manual spreadsheets, says John Gronen, CFO at Yooz
In the inevitable periods when workloads ease and inboxes quieten, many finance teams breathe a sigh of relief.
Accounts payable (AP) volumes often fluctuate and these quieter moments provide an opening for finance leaders to double down on auditing performance. It’s the perfect opportunity to step back, review and improve how processes are running and plan for the future.
A data-rich financial health check can go a long way in mitigating bottlenecks and analysing any cracks in the system. Once these have been identified, a fully encompassing approach to forecasting and planning calls for cloud-based, automated and real-time financial workflows. Error prone, disparate manual processes on paper and spreadsheets no longer cut it.
