Despite the similarities and close relationship that exist between Procurement and Accounts Payable departments, many North American businesses operate these processes and teams independently from one another.
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.
Research Senior Manager, Levvel
How can this report help you?
Exploring the Value of a Synchronized Back-Office Process
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