Accounts payable (AP) automation differs from many other enterprise business processes. First, it is collaborative and involves transactions with suppliers and other third parties. Secondly, for best results, close collaboration with related departments such as procurement, treasury and supply chain, among others, is required.
For that reason, the communities and resources relevant to accounts payable extend beyond finance. Below are several key objectives to consider in educating accounts payable professionals about trends and developments in AP and Procure-to-Pay (P2P) automation.
Organizations aimed at AP and P2P professionals
Institute of Finance & Management (IOFM): IOFM focuses on education, certification and networking designed specifically for AP and P2P professionals. Hosts monthly webinars and spring and fall conferences that include keynote speakers, breakout sessions, and vendor booths.
Institute of Financial Operations and Leadership (IFOL) – With offices in the UK, US and Canada, IFOL provides training, certification and support to a global community spanning 14 countries. Focus areas include P2P, AP, Accounts Receivable (AR), Payroll and Shared Services.
Shared Service Link (SSL): SSL is marketed as a community of professionals, thought leaders, and business-to-business solution providers in finance and accounting. Global business services, shared services, procure-to-pay, order-to-cash, record-to-report and tax organizations are focus areas, where he shares best practice advice through webinars, articles, reports technical and more.
Research, advisory and benchmarking services.
As a group, these companies tout their ability to help organizations understand and implement best practices in business process improvement and transformation. They offer information, analysis and advice on various aspects of technology, business strategies and market trends. Forrester, Gartner Group, International Data Corporation (IDC), and The Hacket Group are among the largest companies in this category.
Ardent Partners is a smaller company in this group that focuses heavily on accounts payable and P2P automation. Another smaller company, Spend Matters, has followed the procurement, finance and supply chain technology space since 2004. It offers specialized centers including AP Automation and Procure-to-Pay, engaging with professionals, consultants, solution providers and investors.
Expanding Treasury knowledge
With new potential to help in cash flow management and oversee dynamic discounting, AP today is more closely aligned with treasury than ever. That makes knowledge of treasury developments a valuable complement to accounts payable and P2P experience. As an organization that serves the treasury function, the Association of Financial Professionals (AFP) provides certification and training in treasury and corporate financial planning and analysis. Their annual event features a high-profile keynote along with panel discussions, a vendor area, and networking opportunities.
Another experienced treasury firm, Aite-Novarica Group, offers more than 70 analysts and industry professionals in North America and Europe with experience in all sectors of the financial services industry. Its library of more than 3,000 reports covers financial services technology innovations over the past 16 years.
Of course, there are many more organizations and resources that provide valuable financial information for an accounts payable organization. LinkedIn groups, for example, offer domain specialties in various areas of finance, procurement, supply chain, and more. Finally, personalized Internet searches on specific areas of interest can generate additional resources to help you on your path to accounts payable and P2P excellence.
