Penny Nickels is the treasurer of a growing mid-sized business. As a consumer she prefers brands that simplify her life.
IN HOME DEVICE:
Your treasury team meeting starts at 9:00 a.m.
Have a great day.
I need a car and caffeine.
Why can’t business be this simple?
Today I approved and paid for a car ride and coffee and it was easy. Imagine how efficient we’d be if we could approve and pay vendor invoices that effortlessly.
It’s time to simplify.
To begin the journey to simplicity look for complexity within your processes and identify opportunities for simplification.
Our invoice approval process is way too complex because it’s paper-based. To simplify it, we have to get rid of the paper. With outsourcing and automation, invoices can fly from receipt to approval.
Slow invoice approval slows our payments. We paid too many invoices by check, which makes the payments even slower. When we’re late with payments, we miss vendor discounts and that’s like throwing away money.
As a result valued vendors have to call us to ask when their invoices will be approved and when they’ll be paid. Faster invoice approval coupled with electronic payment methods would simplify our process and take the pain out of these pain points.
Once you’ve identified areas to simplify, establish metrics to measure your success.
As we reduce the number of times a human touches an invoice from receipt to approval, we’ll be able to capture more vendor discounts. Our cost to process an invoice will go down and so will our workload.
As the number of checks converted to electronic payments increases, check fraud will decrease and so will staff time spent dealing with lost and stolen checks.
And as we simplify and speed our payment process, vendor payment inquiries will taper off.
A simplified banking platform can capture trends around days payables outstanding, electronic payments, and other important metrics to help you measure success.
Once you’ve mapped your journey to simplicity, there’s only one thing left to do.
Let’s get started!
Video length: 2:25 minutescapt