How hard could it be to manage the vendor side of processes? Well, sometimes, it could be more complex than your customer side of processes, especially for B2C businesses. Also, it might vary based on your industry, product type, and supply chain. You might need to make arrangements such as prepayment. The R&D side of processes could be completely different from operational processes. You might want to have complex arrangements such as pre-printed shipping labels or packaging arrangements. They all could have implications on your AP processes. Also, each industry may have its own requirements on how AP is supposed to be done. On top of it, each ERP system is likely to treat the AP processes differently. So what are the best practices for streamlining AP function?
In today's episode, we invited a panel of cross-functional experts for a live interview on LinkedIn who brings significant expertise to discuss Account Payable best practices. We discussed the scope and systems involved with the accounts payable and P2P processes. Finally, we discussed the architectural challenges and the changing role of ERP because of the introduction of the new systems.
For more information on growth strategies for SMBs using ERP and digital transformation, visit our community at wbs.rocks or elevatiq.com. To ensure that you never miss an episode of the WBS podcast, subscribe on your favorite podcasting platform.