• Capabilities
  • Accounts Payable

Strategy & Transformation

Accounts Payable Strategy & Transformation

Stop Playing Catch Up!

Accounts payable departments are typically overstretched, play a seemingly endless game of catch-up, and constantly field calls from the supplier community (and the lines of business) regarding invoice or payment status. Not perceived as a ‘strategic’ function by many executives, Accounts Payable departments oftentimes don’t receive the necessary capital to create meaningful, strategic improvements.

With 20+ years transforming and improving A/P operations, the Nitor team both authors and executes on Accounts Payable Transformation business cases.

Typically, Accounts Payable Departments Are Concerned With Three Primary Drivers

Efficiency
Accuracy
Compliance

Accounts Payable Analysis & Improvements

The Nitor team works with Accounts Payable departments to assess the payables landscape and methodically plan for a broad set of Accounts Payable improvement activities. Starting with an analysis of 36 months of invoices, we slot all suppliers into a set of supplier groups. These supplier groups range from “the perfect invoicing supplier” to “the supplier that needs major hand-holding, corrective action, and invoicing improvement”.

Factors Determine Which Group a Supplier Falls Into

  • Volume of Invoices
  • Complexity of Invoices
  • Number of Invoice Exceptions Generated
  • e-Invoice Readiness
  • Tax Considerations
  • Invoices Tied To: Purchase Orders, Blanket Purchase Orders, Master Agreements, Contracts

The payables assessment and supplier segregation effort is paramount in determining the action plan for invoice automation and overall accounts payable improvement.

Accounts Payable Transformations

Once the A/P team has separated the supply base into groups, the Nitor team leverages our proven Accounts Payable playbook to transform and drastically improve the A/P department.

  • Supplier Enablement
  • Increased Digitization of invoices leveraging EDI, cXML, and OCR Technologies
  • Organizational Alignment resulting in tighter Collaboration between Accounts Payable, Procurement, Tax, Legal, and Treasury
  • Organizational Change Management
  • Improved Communication between
    • Accounts Payable and Lines of Business
    • Accounts Payable and Supplier Base
    • Accounts Payable and Treasury
    • Accounts Payable and the Tax Department
    • Accounts Payable and Procurement
  • KPI driven action plans and improvement tracking

With the Nitor team on your side, companies can drive measurable and impactful change to their Accounts Payable departments.

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