Mary Schaeffer puts a positive spin on an age-old problem. There are still a small group of business people who do not understand that ignoring an accounts payable function, not keeping up-to-date on the latest trends, practices, and problems can hurt an organization’s bottom line. Responding to an inquiry about how could writing and talking about accounts payable issues possibly be a full-time job, she goes into action.

She begins by explaining just how costly it would be for any organization to simply pay every invoice that comes into the accounts payable department. She also clarifies some of the problems even legitimate invoices might have. She then moves on to discuss that while technology does solve some problems for accounts payable groups, it also creates others. She gives an example.

For those who think that accounts payable is only about paying bills, she dissuades them of this notion by listing out a variety of others, each of which is quite complex by itself. When taken as a whole, it is easy to see why accounts payable deserves resources and attention.

She concludes with a recommendation that all CFOs, Controllers, accountants, accounting professionals and accounts payable professionals make sure they stay current on all issues impacting the accounts payable function. For if they don’t, their organizations may find the price in the millions.

Host: Mary Schaeffer (https://www.ap-now.com/)

Guest: Billy the Bot (https://www.stampli.com/podcast/)

Sponsor: Stampli (https://www.stampli.com/apnow/)

Credit: Music: https://www.purple-planet.com