During my career advising finance organizations on their transformation programs, the CFO’s role has evolved. Traditionally the job was to protect the assets of the company and meet statutory reporting and compliance requirements.

Master data, which forms the core data of an enterprise, lays the foundation for the smooth running of business processes and data driven decision making. Examples of master data could be Product information, supplier information, employee information etc. that are referenced in business transactions.

The digital age is driving more businesses to adopt accounts payable automation into their operations. Nowadays, such a tool is no longer a luxury but a need, especially to remain relevant and competitive in the market.

In retrospection, there are a lot of costs involved in Accounts Payable processing. Despite a few, many of them won't be visible on a standard cost estimate. According to a study by APQC, the average cost to process an invoice varies.