Figuring out how accounts payable partners with other departments is key to establishing a strategic AP function. Whether it’s working with purchasing or working with other departments data will play a key role. The data in accounts payable is often an under-utilized tool when it comes to analytic work.
If accounts payable wants a seat at the table it is critical that accounts payable develop strategic partnerships within the company. This means partnering with other departments, including purchasing, treasury, tax, audit, accounting, HR, travel and of course finance. By partnering with accounts payable, the other groups are able to create strategic partnerships that will greatly assist the accounts payable management. While most understand that accounts payable working with purchasing is what goes on in most organizations, they under-estimate the number of other departments that will benefit from these strategic partnerships.
In this 100th episode of the AP Now podcast, The Accounts Payable Association’s Jamie Radford joins AP Now’s Mary Schaeffer to discuss how accounts payable professionals today are now an integral part of a dozen different departments helping them achieve their goals and meet their obligations. It is not unusual for a CEO or a CFO to turn to the accounts payable team to provide needed data intelligence for special projects or to monitor budget or cashflow.
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Host: Mary Schaeffer (https://www.ap-now.com/)
Co-host: Jamie Radford (https://www.ap-association.com/)
Credit: Music: https://www.purple-planet.com
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