In this blog series, we’re exploring the importance of trust in your AP process – and how the adoption of AP automation software promotes trust and develops strong relationships in your organization, resulting in more efficient processes and better results.
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If anyone in your organization must operate on the motto of, “Trust but verify,” it is your CFO, your comptroller, and your auditors – and that goes double for outside auditors. The higher the level of trust and the easier the process of verification, the faster the business can build strong relationships and move ahead with financial decisions.
As our CFO Kathi Haller says in her recent article, “One reason that the information provided to auditors is more reliable is that controls are inherent when using automated workflow.” Here are a few other reasons that AP automation provides higher levels of trust:
- Remote access to information
- Ease of search to find any information needed about individual invoices or vendor relationships
- Clear and easily generated reports
- Reduced risk of fraud that is a product of heightened visibility
And all of these benefits apply to external auditors as well. Which means that better audit controls increase trust between internal or external auditors and all teams.
Naturally, anyone in charge of budgeting is more confident in their work when they have increased visibility into future spend and when they have access to timely and accurate information for better management of cash flow. Working with delayed or faulty information could increase time or restrictions on approvals for spend, but because automation makes the approval process cleaner and faster, it increases trust between the people in charge of creating budgets and anyone who depends on the budgets established, such as your AP and Purchasing teams.
The core is that a higher level of trust enables you to get better results quicker. As trust increases between the parties, the speed of results increases as well. With trust your results get better, and you get better results faster.
Read our previous posts in this series here:
- The Impact of Trust: Creating Better Experiences with AP Automation
- The Impact of Trust: Accounts Payable and Purchasing
- The Impact of Trust: Your Organization and Your Vendors