It’s no secret that people, and businesses, thrive on effective communication. The rise in collaborative digital tools in recent years has clearly demonstrated that when people can communicate easily, quality increases, and the work is completed faster. Mistakes are avoided, innovative solutions are devised, and work is completed more satisfactorily. It’s in every department head’s interest to see that their employees are empowered to perform their job the best they can.
Organizations of every size struggle to maintain an efficient collaborative work environment. This challenge is often felt by employees in finance roles. Accounts Payable is a prime example of an area where differing methods and means of communication can result in crossed wires, mistakes, and delays. Accounts Payable must navigate complex department structures and approval hierarchies each time they need an invoice approved. Dealing with multiple locations, departments, and vendors, it becomes quickly apparent that there are many different ways that people choose to communicate. And, like it or not, it is AP’s job to sort them all out!
There are many examples that illustrate how a lack of communication can slow the invoice management process considerably:
The scenarios above all have one thing in common: inefficient communication that causes delays. Not only is this annoying for the finance team, but it can cost the company money in delays and mistakes. What can finance leadership do, right now, to help AP run faster? Here are a few ideas:
Improving communication between people seems like a simple concept for a solution to invoice management frustrations. However, few successfully achieve that. Finance leaders who are truly invested in taking charge of their spending should take a big picture perspective and consider how to empower every person involved in the process to be a part of the conversation.
Stampli is a cloud-based interactive invoice management solution for Accounts Payable that helps get invoices approved up to 5 times faster. Until today, Accounts Payable’s greatest challenge was the communication breakdown that occurs in the approvals process. Stampli solves this problem by creating each invoice as its own digital landing page which centers the conversation about the invoice on top of the invoice itself. This flexible, easy-to-use approvals work flow can reduce the time spent chasing invoice approvals by as much as 80% - and make the process enjoyable for everyone involved! Featuring an intuitive and collaborative user interface, Stampli integrates seamlessly with leading Enterprise Resource Planning systems.