On Thursday, February 16, we were happy to co-host the first of a our Future of AP: Five Top Changes Coming to AP lunch & learn series in Houston, Texas. We had a record turnout, with a great cross section of companies represented – across industries and size of organization. As usual, the session offered time to network with colleagues in AP and Shared Services while enjoying a good lunch.
We presented this agenda in 2011 in seven cities, and this session in Houston saw the topic continuing to spark interesting discussions. Several areas prompted a great deal of discussion and questions – first, around on the subject of vendor on-boarding and the collection and management of tax information, i.e. W-9s. The concerns about expanding 1099 reporting due to the health care laws that were raised last year are clearly still in the minds of AP professionals. The discussion really centered on how a vendor portal can help establish an easy, repeatable process to collect and manage information from every vendor – from current contact info to compliance data. We were able to shed some light on this topic with a discussion about Lavante’s Supplier Information Management and Recovery solutions, where technology is used to automate this processes.
The question of technology and automation then to the eInvoicing, as Dean Baxter, Account Manager, Basware, presented some compelling research that clearly demonstrated the ROI involved in adopting technology and process best practices that move a company from a “Laggard” to “Best-In-Class”, which decreased the costs of processing a single invoice from $38.77/invoice to $3.09/invoice.
This Lunch & Learn program now moves on to Atlanta on Thursday, February 23, and then on to Boston on Tuesday, March 13. Click here to see the entire series, and to register for an event that is coming to a city close to you. We will be presenting the session in a webinar, so stay tuned for that date to be announced! Please also click here to download the companion white paper.