Blog / Purchase-to-pay
Interview discussing the modern CFO
The role of the modern CFO is rapidly evolving. From having possessed more of a reporting function, today’s CFO is expected to contribute to, and have knowledge within, various important areas. Even more importantly, the CFO is expected to take a strategic role, working closely to the CEO.
Challenges related to the purchase to pay process
The significant change in role function inevitably presents a number of new challenges and requirements for the CFO to handle. When it comes to issues related to purchase to pay (P2P), there are several challenges you need to overcome and things you must consider in order to succeed in your role.
Palette talked to Roxanne Imrick, a finance professional with 30 years of experience within Finance and Accounting. With regard to the purchase to pay process, she believes one important challenge for the modern CFO is that they tend to be relatively far removed from the day-to-day processing, meaning that he or she does not directly monitor compliance. Still they use this data to make important business decisions, without realising there might be a risk for data inaccuracy.
Benefits of a modern P2P solution
When automating the purchase to pay process, the CFO will realise a number of benefits. According to Imrick, one advantage is that the CFO can ensure the data they receive, and thus base important business decisions on, is accurate. This way, he or she can overcome the challenge mentioned above, and instead be confident they are making the best decisions for the organisation.
When it comes to the overall organisation, one example of how a modern P2P solution can help is that it substantially reduces the effort needed in the Accounts Payable process. When the transaction starts out, in compliance with everything taken into consideration, the rest of the transaction automatically falls into place.
Click here to watch the full interview, where Imrick shares more of her experience on how to best optimise the purchase to pay process, and gives you her best recommendations on what things you need to consider as a modern CFO.
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