Rochester, MN (PRWEB) March 24, 2009
http://www.metaviewer.com - Metafile, a Minnesota-based content management firm dedicated to providing paperless financial innovations, is helping detail how accounts payable (AP) departments can help offset the adverse effects the current economic crisis is having on companies by implementing best practices in cash management.
The "CFO's View of Accounts Payable: Cash is King," an Aberdeen Group benchmark study report, details how the unique position of accounts payable department's cash management practices can benefit their company as a whole.
"Best cash management practices include everything from extending Days Payable Outstanding (DPO) to capturing early payment and volume discounts," states the report. "If properly automated the typical accounts payable department is uniquely positioned to oversee and integrate these tactics."
In total, The Aberdeen Group's study evaluated 160 enterprises. The enterprises deemed as best in class based on the overall cost experienced in processing single invoices reported marked similarities in accounts payable processes:
- 62% leveraged online or web-based reporting tools
- 69% possessed enterprise level visibility in account payable processes
"As detailed in the report, more companies are establishing best in class status by syncing accounts payable objectives with company objectives and integrating the use of online reporting tools," states Jim Mandt, Metafile's Vice President of Technical Support. "Automation designed to offer support and visibility in these areas is a key factor we've witnessed in successful AP departments."
Specific recommendations offered by The Aberdeen Group to companies hoping to experience the economic benefits afforded by best practices in cash management include:
- Moving towards a fully automated and paperless financial environment
- Establishing links between your AP department and overall business goals
- Developing cash disbursement strategies designed to optimize working capital
"We are pleased to have supported The Aberdeen Group's latest report," concludes Mandt. "It is our hope that by implementing best practices detailed by The Aberdeen Group, companies can move into best in class status and avoid or at least offset the adverse effects inherent in today's economic climate."
A complimentary copy of the report "The CFO's View of Accounts Payable: Cash is King" is available courtesy of Metafile.
Metafile Information Systems, Inc., provides paperless workflow automation solutions via its customizable content management solution MetaViewer. A privately held software development and integration firm, Metafile has helped the financial departments of companies such as Winn Dixie, Gate Petroleum, Wellborn Cabinet and Allied Beverage streamline accounts payable and accounts receivable processes for over 25 years. More information on Metafile and MetaViewer may be found online at http://www.metaviewer.com.
About Aberdeen Group, a Harte-Hanks Company:
Aberdeen is a leading provider of fact-based research and market intelligence that delivers demonstrable results. Having benchmarked more than 30,000 companies in the past two years, Aberdeen is uniquely positioned to educate users to action: driving market awareness, creating demand, enabling sales, and delivering meaningful return-on-investment analysis. As the trusted advisor to the global technology markets, corporations turn to Aberdeen™ for insights that drive decisions.
As a Harte-Hanks Company, Aberdeen plays the key role of putting content in context for the global direct and targeted marketing company. Aberdeen's analytical and independent view of the "customer optimization" process of Harte-Hanks (Information - Opportunity - Insight - Engagement - Interaction) extends the client value and accentuates the strategic role Harte-Hanks brings to the market. For additional information, visit Aberdeen http://www.aberdeen.com or call (617) 723-7890. To learn more about Harte-Hanks, call (800) 456-9748 or go to http://www.harte-hanks.com.