Commitment to suppliers
The organisation have implemented Robotic Process Automation (“RPA”) to remove the amount of human interaction required when processing invoices. This will help increase capacity in the team, and should we see further surges in demand the Accounts Payable process and team will be more resilient.
We have also hired additional human capacity within the team, and will continue to monitor this going forwards.
Finally, we work with a number of community businesses, whereby they have a part-time finance function. This results in invoices being sent after the date on invoice, which is potentially skewing our prompt payment reporting. The Accounts Payable Team are looking to capture the date of receipt for invoices so we can better understand the impact of this, and where appropriate work with the supplier to change their invoice behaviours.
We have been working with key suppliers to request that they provide consolidated invoicing, this will help reduce the number of transactions into the organisation. It will also help ensure invoices from suppliers are directed to the Accounts Payable Team helping speed up the processing time.