Five modern challenges facing accounts payable

The five distinct challenges faced by accounts payable teams can be overcome by electronic payments with efficiency and function.

Most accounts payable (AP) teams face the same challenges, regardless of industry. There are suppliers of goods and services requesting payments and the subsequent reconciliations that must be performed to balance payments against invoices. Historically, these activities have been centralized around paper checks and the time consuming and often costly manual execution of processing.

The advent of new technologies in the financial space has created a positive time-cost shift in payment procedures. The use of modern electronic payment systems is now spreading through the corporate world with promises to solve many antiquated challenges, but not without stirring up concerns among...

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