Automating accounts payable (AP) differs from many different enterprise enterprise processes. First, it’s collaborative, involving transactions with suppliers and different third events. Second, for greatest outcomes, it requires tight collaboration with associated departments reminiscent of procurement, treasury and provide chain, amongst others.
For that motive, related communities and sources for accounts payable prolong past finance. Listed below are a number of key targets to think about for educating accounts payable professionals on traits and developments in AP and Procure-to-Pay (P2P) automation.
Organizations concentrating on AP and P2P Professionals
Institute of Finance & Administration (IOFM): IOFM focuses on schooling, certification and networking particularly tailor-made for AP and P2P practitioners. It hosts webinars every month and conferences within the spring and fall that embody keynote audio system, break-out classes and vendor cubicles.
Institute of Monetary Operations and Management (IFOL): With workplace places within the UK, US and Canada, IFOL supplies coaching, certification and assist to a worldwide group that spans 14 nations. Areas of focus embody P2P, AP, Accounts Receivable (AR), Payroll and Shared Providers.
Shared Service Hyperlink (SSL): SSL markets itself as a business-to-business group of practitioners, thought leaders and answer suppliers in finance and accounting. World enterprise companies, shared companies, procure-to-pay, order to money, document to report, and tax organizations are areas of focus, the place it shares greatest apply ideas by way of webinars, articles, white papers and extra.
Analysis, advisory and benchmarking companies
As a bunch, these companies tout their potential to assist organizations perceive and implement greatest practices in enterprise course of enchancment and transformation. They provide insights, evaluation, and recommendation on varied features of know-how, enterprise methods, and market traits. Forrester, Gartner Group, Worldwide Knowledge Company (IDC) and The Hacket Group are among the many bigger companies on this class.
Ardent Companions is a smaller agency on this group that brings a powerful deal with payables and P2P automation. One other smaller agency, Spend Issues, has tracked the procurement, finance, and provide chain know-how area since 2004. It presents specialty hubs that embody AP Automation and Procure-to-Pay, participating with practitioners, consultants, answer suppliers, and traders.
Increasing data of Treasury
With new potential to help in money move administration and oversee dynamic reductions, AP in the present day is extra intently aligned with treasury than ever earlier than. That makes data of treasury developments a useful adjunct to experience in payables and P2P. As a company serving the treasury operate, the Affiliation for Monetary Professionals (AFP) supplies certification and coaching in treasury and company monetary planning and evaluation. Its annual occasion incorporates a high-profile keynote together with roundtables, a vendor space and networking alternatives.
One other agency with treasury experience, Aite-Novarica Group, presents greater than 70 analysts and business practitioners in North America and Europe with experience throughout all sectors of the monetary companies business. Its library of greater than 3,000 experiences covers monetary companies know-how improvements over the previous 16 years.
After all, there are a lot of extra organizations and sources offering monetary insights of worth to a payables group. LinkedIn teams, for instance, supply area specialties in varied areas of finance, procurement, provide chain and extra. Lastly, tailor-made Web searches on particular areas of curiosity can flip up extra sources that can assist you in your journey to attain payables and P2P excellence