Everything employers, applicants and AP prfessionals need to know about the changing face of Accounts Payable.
The days of Accounts Payable being seen as a dowdy back-office function are thankfully coming to an end. People no longer expect to find AP employees peering over half-moon specs and poring over purchase ledgers.
In the past two decades, AP has been carried forward on the wave of technological change and transformed beyond recognition. We think it’s time to retire the stereotypes and celebrate the dynamic new face of Accounts Payable.
We’ve created this ebook - in consultation with AP recruitment experts Hays and based on results from our own survey of over 200 AP professionals across the world - to shine a spotlight on the people involved in Accounts Payable.
Whats covered
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Why Accounts Payable matters
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The changing face of Accounts Payable
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The new essential Accounts Payable skillset
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The Accounts Payable job market
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Changes for AP employees to make to secure top talent
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Career tips for ambitious AP applicants and professionals
Why AP matters
The vigilance and expertise of AP professionals keep cash in the business by preventing overpayments, late payment penalties, fraud and other cybercrime. Furthermore, they expertly manage payment times to maximise cash flow. This can amount to millions more available to the business - both for day-to-day operations and business growth.
The AP team also keep suppliers paid and happy, something which is essential if services and products are to be delivered without disruption. In fact, by ensuring payments are made accurately and on time, AP teams collectively keep other businesses afloat, supporting the wider supply chain and economy. Not something to be taken lightly.
AP also has an important role to play in continual improvement. By analysing and improving processes, AP teams can save considerable time and money. Perhaps this is why AP professionals themselves have increased confidence to assert the impact that they have in their business.
Drivers of efficiency
The Ledger Clerks of yesteryear are unlikely to recognise today’s hyper-efficient Accounts Payable function.
Many AP teams have embraced technology that - powered by robotic process automation and Artificial Intelligence - replaces previously manual tasks. As a result, AP teams are more productive, efficient and accurate than ever before. This saves the business money by ironing out inefficiencies, as well as keeping suppliers paid accurately and on time.
Another way that AP can deliver efficiency is as part of a Shared Service Centre model. Increasingly, functions like AP and HR are being centralised in a dedicated unit instead of spread across individual teams. Often tasked with delivering more with less, these efficiency-focused AP teams seek to deliver their services faster, better and with fewer resources.
As Accounts Payable evolves from spreadsheets and manual reconciliations to strategic function and transformative tech, the people it needs and attracts are changing too. Let’s explore the changing face of AP next.
