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Strategies that power the potential of A/P optimisation
Journal of Payments Strategy & Systems,
9
(4),
290-295
(2016)
Abstract
This paper focuses on how to align an organisation with best practices to optimise Accounts Payables (A/P) processes to improve working capital position. It references an Aberdeen Group report from September 2013, where business leaders outlined their top priorities: ●● Operational efficiency and cost containment ●● CFOs favour technology to better control cash flow and fraud ●● Companies are not able to process paper-based reviews and approvals in time to capture early pay discounts The paper addresses these top priorities and goes through how to create an effective payment strategy. The process includes supplier segmentation, defining the payment strategy, supplier enrolment and management and ongoing payment strategy management.
Keywords: working capital; payment strategy; operational efficiency; accounts payable; supplier segmentation; supplier enrolment
The full article is available to subscribers to the journal.
Author's Biography
Mike Jorgensen is a senior Working Capital Consultant for US Bank’s Global Treasury Management group. In this role he helps clients transform their payment processes to create efficiency and cost savings. He also trains sales consultants and helps them take a holistic approach to optimise working capital when creating payment solutions. Mike’s 17 years of financial services experience include product management and product development, payables and receivables process management, supplier management, and treasury management consulting. He is the inventor of a patent pending payment solution, an expert in both payable and receivable payment solutions, and a regular speaker at professional events. Mike holds a Bachelor of Science degree from Brigham Young University in Business Management and Management Information Systems. He is also certified in Six Sigma process management, Pragmatic Marketing, and Pragmatic Product Management. Mike and his wife have three children.
