A CFO’s view: Automating accounts payable should be your next strategic goal

As a data-driven and knowledge-based function, finance was pre-programmed for today’s workplace. In my role as CFO at Ricoh, I have experienced the nuances of digital transformation first-hand and as it continues to drive considerable change for business - the importance of the fundamental processes are all the more in focus.
For instance, is your accounts payable process consuming unnecessary time and resources? It might be under the strategic radar, but firmly standing in the way of your organisation’s growth.
To make mission-critical decisions in a challenging world, leaders with a growth mindset need a clear financial picture. Without a real-time view of their cash position, investment decisions are difficult to make. A manual accounts payable process cannot provide CFOs with this vital information in real-time.

According to our recent research on Fulfilment through Work, 20% of finance decision makers say having a heavy administrative burden is a top reason that their employees are not feeling fulfilled at work.
Automating the accounts payable process will not just provide immediate access to cash visibility, forecasting, and reporting. It will also transform what has historically been a very manual, time-consuming business administration process, which we know has a real impact on employee satisfaction.
So this transformation is also crucial for enhancing the employee experience, which has become a top priority in today's talent shortage landscape. Staying competitive in this new economic environment requires smart practices in all areas, even the unobvious ones.
Where’s the real value in accounts payable?

You may have a dedicated accounts payable function or employees who take care of this process. It is their job to receive purchase orders, delivery notes, invoices, process payments, and remittances. In some organisations, these documents still exist on paper with records kept in messy in-trays and bulging filing cabinets.
This paper-based approach does not provide you with a real-time view of what’s really going on in your organisation, including your actual cash position, anytime you need it. This view is essential for your organisation to make better quality investments, analyse ROI on those investments and make clear savings.
Investing in a robust and resilient accounts payable system will unlock massive value within your business. Helping you to scale up your internal operations for a robust future. And if the quantum leaps made in digitisation recently have proven anything; transformation doesn’t take as long as we may think.
At each step towards digitising accounts payable, there are also opportunities to save money, time, and resources. Costly mistakes and miscalculations are the last thing any growing business needs. Especially if a slip-up leads to an easily avoidable risk or financial loss.
The benefits of automating accounts payable include:
1. Complete visibility for your executives
Automated accounts payable revolutionises cash visibility, forecasting, and reporting as it offers a real-time view of your cash position, allowing leaders to make high-level decisions with knowledge at their fingertips.
Having a system that integrates seamlessly and rapidly within current operations is also a big selling point for the c-suite. A provider that ensures finance teams are trained ahead of the system going live is a must.
2. All-around cost saving
Investing in an automated system means a lower cost across the lifetime of your organisation. There may be an upfront price to pay, but in the future, it will cut processing time and resource requirements. At Ricoh, we’ve found our system makes the process up to 80% faster, offering a tangible difference in cost.
Having a system in place can also empower accounting staff to focus on strategic goals and support cost-saving activities. Which will stimulate growth and help people feel they are genuinely contributing within your organisation.
3. Streamlined hybrid working
Suppose your accounting team has been fighting a losing battle with paper-based hybrid working. In that case, Ricoh’s secure cloud-based solution can offer you flexibility and continuity, no matter where your team members are based.
If the system uses machine learning AI technology, it can also automate data validation and batch approvals, easing workloads for your team. Task lists, notifications, and recorded version control also make the process faster and easier to manage from multiple locations. Keeping the entire team updated and on track.
In conclusion
Automating your accounts payable process is not just about streamlining operations – it’s a strategic imperative for organisations today. As finance leaders seek ways to unlock value from their digital investments, focusing on a core process like accounts payable can provide significant returns. Beyond saving time and reducing errors, automation delivers real-time cash visibility, enhances decision-making, and allows your team to focus on higher-value tasks.
In an era where agility and accuracy are paramount, embracing this technology will empower your people and help your organisation remain competitive, scalable, and resilient for the future.
Would you like to learn more about how Ricoh can help your organisation streamline its accounts payable process?


Tim Stuart
CFO, Ricoh Europe