Forward-thinking CFOs can no longer afford to let their AP department operate like it’s stuck in the past, especially as both roles evolve to meet the demands of doing more with less, driven by rising costs, talent shortages, changing regulations, and global disruptions.
To stay ahead, CFOs are turning to automation—not as a quick fix, but as an essential driver for long-term success. In fact, 74% of CFOs believe AI and automation will completely reshape finance functions by 2035, underscoring that the transformation is already in motion.
Now is the time for CFOs to prepare their AP departments for the future.
Why Prepare for the Future Now?
Change can be daunting at all levels within an organization. AP teams may be nervous about abandoning familiar processes, while executives may hesitate to invest in new technology. As a result, the mindset of “how we’re doing things now is good enough” often prevails. Sound familiar?
But if the COVID-19 pandemic showed anything, it’s how quickly the business landscape can shift—and how quickly “good enough” can become “not enough.”
Here are some recent shifts challenging the status quo today:
- Navigating Uncertainty: With inflation, supply chain disruptions, and economic volatility, CFOs need visibility and control within their processes to adapt to unforeseen shifts, while AP teams require efficiency to keep suppliers happy and cash flow on track.
- Mitigating Growing Risks: With increasing threats from fraud, cyberattacks, and data breaches, resilient processes are crucial for safeguarding sensitive information and maintaining operational integrity across the entire team.
- Rising Complexity and Compliance Demands: With increasing global financial complexities and evolving regulatory standards, CFOs need to trust their processes, while AP teams must ensure accurate, timely reporting and compliance.
To maintain control, CFOs must shift from reactive to proactive strategies, preparing for disruption before it strikes. The good news? There are solutions that can help them stay ahead.
How Automation Fortifies AP
Automation plays a critical role in this shift, enabling CFOs and their teams to respond to disruption with greater agility and foresight. Here’s how automation helps fortify the AP department specifically:
- Stronger Supplier Relationships: The ability to see the status of payments in your AP platform and communicate with suppliers in real time helps foster better relationships and trust.
- Greater Operational Efficiency: AI is more than a buzzword—its ability to capture invoice data in seconds frees your AP team from manual tasks, allowing them to focus on strategic initiatives like forecasting and negotiating early payment discounts.
- Enhanced Fraud Prevention: With automation, you’re in control and can flag issues as they arise, rather than after the fact. Stay ahead of fraud by spotting early signs and taking action before they escalate.
- Improved Cash Flow Visibility: Real-time insights into payment cycles, bottlenecks, and spending trends empower CFOs and their teams to make more informed decisions.
- Compliance & Risk Management: Automated systems enforce compliance checks, document retention, and workflow escalations, reducing regulatory risks in an evolving landscape.
By integrating automation into AP operations, CFOs are building a more resilient, future-ready process—one that’s prepared to meet today’s challenges and capitalize on future opportunities.
Taking the First Steps Toward Future Ready AP
Finding the right automation solution for your team doesn’t have to feel like a full-time job. With a strategic approach and the three steps below, you can set your team up for long-term success:
- Start Small, Scale Smart – Begin by automating key workflows like invoice approvals or payments, but ensure your solution is capable of scaling to handle any future needs like vendor onboarding or document storage.
- Prioritize Change Management – Equip your team with the upskilling, training, and support they need to maximize the benefits of the solution you’re investing in.
- Continuously Optimize – Regularly assess your automation strategy to refine workflows and stay ahead of evolving changes or plans.
By following these steps, CFOs can transform their AP processes into agile, forward-thinking operations that proactively drive change.
As the business landscape evolves, CFOs can no longer wait for change to dictate their next move. Take the first step toward a future-ready AP today—download The Next Era of AP and Automation’s Impact to discover how end-to-end AP automation can transform your unique processes.
