Accounts payable issues are something that we as procurement professionals shouldn’t really need to get involved in but inevitably we do. In these instances, our role is usually the equivalent of a fire extinguisher. It performs no added value and very rarely do we receive any recognition for it.
So why does it land in our inbox?
Because, well, where does the buck stop when the supplier hasn’t been paid or invoices have been lost? Yup, that’s right. If we own the vendor relationship, then you can bet your bottom dollar that we’ll hear about it when AP are underperforming.
There are lots of reasons why this happens. Broken processes, poor onboarding of new staff, reliance on sending invoices by post or email, as well as high attrition rates within AP teams can all lead to a less than optimal process.
My guest on today’s show walks us through how automation can lead to productivity gains of up to 70% and redeployment of staff from administrative processes to more analytical work.
This is a great example of how developing countries have leapfrogged us in the West to come up with a truly remarkable solution, and that innovation is everywhere.
Automating Accounts Payable: Veekshith C. Rai on how to eliminate human error and non-value added admin
Veekshith walks through the 5 main areas that a CFO typically needs to cover off, and how Finly has contributed to automating these.
Why did Finly decide to include a procurement module? Learn how non-PO spend is much more common within Indian companies and how they were able to adapt a solution to accommodate this.
Veekshith talks about how automation can increase departmental productivity by ca. 70% and that smart companies can redelpoy the headcount saved through this to more added value tasks.
We talk about specifically the procurement modules and whether these can be used as stand-alone options without the need for ERP integration, and the pros and cons of doing this.
Because procurement teams typically don’t have an IT or capex budget, persuading the business to invest in procuretech is usually a laborious and difficult task. Especially if there are no guaranteed P&L savings. I ask Veekshith his thoughts on whether selling directly to CFOs (because this is predominantly a finance tool) is easier than going through procurement. His answer is super interesting and also gives an insight into how corporate structure and governance in India is different
I ask Veekshith about his plans to conquer the US and European market and he explains some of the challenges of making this a reality. His answer was startling and was a huge eye-opener of how far behind our banking systems are in more mature markets vs. more innovative players in emerging economies.
This is a competitive space, and there is no one-size-fits-all solution. I therefore ask Veekshith as a final question what he sees as Finly’s USP, especially in light of their plans to enter more competitive markets.
How to connect with Veekshith:
How to connect with James: