Integrating Purchasing and Payables
Exploring the Value of a Synchronized Back-Office Process
Despite the similarities and close relationship that exist between Procurement and Accounts Payable (AP) departments, many North American businesses operate these processes and teams independently from one another. This may be the status quo, but it is not necessarily the most strategic or beneficial practice for organizations.
Instead, business leaders should create a place for AP in Procurement and a place for Procurement in AP. This can be accomplished by combining the two departments through a holistic and carefully planned integration initiative, as well as by implementing a holistic Procure-to-Pay software platform that automates purchasing and AP functions.
PayStream’s newest research report, Integrating Purchasing and Payables offers a high-level guide to preparing for and launching a back-office integration initiative.
This report includes
• Integration trends among North American purchasing and payables departments
• A set of best practices that will help organizations build an integration initiative plan
• A high-level overview of how P2P software helps to simplify and streamline integration projects