Blog Archives | Accounts Payable Association

Over 50% of SMEs within the UK are affected by late payments, costing small firms an estimated £22,000 a year. In an announcement made on Thursday 19th September, the Government have declared an enhanced package of measures, as well as the hotly anticipated, new ‘Fair Payment Code’, in a bid to fight the problem.

Currently, law states that responsible directors of non-compliant companies who have failed to report on their payment practices could face criminal prosecutions, fines, and even criminal records. The Government have unveiled plans to go one step further, with new legislation expected in the coming weeks that will require all large businesses to include payment reporting in their annual reports, providing transparency on how they are treating small firms. As a result, company boards and international investors will be able to see how firms are operating.

In addition, plans are to step up enforcement of existing late payment performances, all in a bid to encourage cash flow, as part of Labour’s manifesto to grow the economy. By unlocking growth for 5.5 million firms, the government are hoping for more investment, with more employees hired, a boost to wages and increased export of goods.

Collaboration between the Business Secretary and the Federation of Small Businesses continues, as new laws and proposals to end bad payment culture, enter consultation.

Prime Minister Keir Starmer has said:

“We’re determined to back small businesses by unlocking their barriers to growth, and stamping out late payments is at the heart of this.”

“After years of delay, we’re bringing forward measures that small businesses have long been calling for to tackle late payments once and for all.”

In place of the old Prompt Payment Code, the new Fair Payment Code is set to open for signatories later this year, where businesses will be required to prove they have met good payment standards prior to gaining official code status.

Research published by the Department for Business, in support of the new measures, indicates the impact longer supply chains have on exacerbating payment delays, and smaller firms experiencing more issues with late invoices. A stark imbalance was evident between large and small firms, with the research highlighting administrative errors as a major factor in creating slow payments. A substantial 24% of firms confirmed that incorrectly handled invoices added to the delays.

The new measures have received support from the likes of Small Business Commissioner, Liz Barclay, and Good Business Pays founder, Terry Corby.

Liz Barclay stated “We need sustainable, resilient businesses at all levels of the supply chains, to achieve the growth the economy needs. That means paying everyone from the largest supplier to the sole trader quicker, so they have the confidence to invest, improve productivity and grow. Fair payment terms and on time payments are the key.”

Over the coming months, the Accounts Payable Association (APA) will continue to support the Accounts Payable community and our membership, guiding AP teams to adopt measures in line with the new measures and Fair Payment Code.

Jamie Radford, APA CEO, issued the following statement:

“The APA are committed to supporting the government’s initiative to put an end to late payments, which have damaging ramifications on small businesses in the UK. Our organisation recognises the importance of best practice within the entire finance function, and the implications on the UK economy when proper practices are not adhered to.”

“As well as our Annual Conference in just a few short weeks, the APA will be delivering our annual Accounts Payable Update Courses throughout 2024/25, where we will go into detail about the new Fair Payment Code and government measures. We encourage any Accounts Payable professionals who are worried about the new measures and are seeking guidance on how to achieve compliance, to consider joining us – we will be glad to help.”

— Ends —

Read the full statement on gov.uk here: Crack down on late payments in major support package for small businesses – GOV.UK (www.gov.uk)

The excitement was palpable on Thursday 12^th September as over 130 attendees joined the Accounts Payable Association, live on LinkedIn, for the announcement of this year’s APA Awards shortlist.

The Awards, which celebrates hard-work, perseverance and excellence of professionals within Accounts Payable, is recognised as the benchmark of outstanding achievement.

This year, records were broken as an astounding 341 nominations, documenting the successes of individuals and teams alike, were submitted for consideration. Received from over 70 organisations, and from industries including hospitality, construction, manufacturing, shared services and retail – 2024 represented the greatest number of nominations made to date.

The full list of categories, and those who have been shortlisted can be viewed below:

Categories and Shortlisted Nominees:

Wellbeing for Others Award

Daniel Leonard – LKQ Group (ECP)
Gina Ward – Liberty Global
Rachel Stirling – Halfords
Afeefa Ahmed – EG Group
Angie Mitchell – Becketts Foods
Sam Evans – Amey
Diane Bamford – Radius
Bronte Matthews – The Innovation Group
Carolyn Jones – SSE plc
Lesley Titley – SSCL
Ella Everett – Specsavers
Finance Team – P3 Charities
Rachel Michaela – National Gas

Employee Engagement Award

AP Team – Amey
Guillaume Avrain – Becketts Foods
Dunelm (soft Furnishings) Ltd
Judy Hart – Investors in Excellence
Sarah Wilman – Liberty Global
Richard Tattersall – Liberty Global
Dominic North – P3 Charities
Poundland
Laura Mason – Radius
Employee Engagement Network (EEN) – SSCL
Stacey Leishman – SSE plc
Sarah Collins – Highwood Group

APA Leadership Award

Melanie Keane – Direct Table Foods
Nikki Jeffs – Innospec Inc
Scott Aldridge – Jersey Electricity
Matthew Smith – Liberty Global
Joe Cooper – Liberty Global
Rachel Michaela – National Gas
Samantha Foster – Poundland
Sarah Turner – SSE plc

The Claire Lomas MBE Overcoming Adversity Award

AP Team – Amey
AP Team – Calor Gas
Sarfarez Mohmed – EG Group
Sunrise OpCo – Liberty Global
Nathan Poppleton – National Gas
Andreas Korovessis – Norton Rose Fulbright
Accounts Payable Team – Poundland
Steve Rose – Somerset Council
Stephen Barnfield – SSCL
Chloe Howard – SSE plc
Sally Smith – St Modwen Property Ltd

Rising Star Award

Cristina Gherghina – Allwyn UK
Lindsay Baker – Amey
Dominika Jupowicz – Becketts Foods
Ben Bridges – Britvic Soft Drinks Ltd
Sumaiya Patel – EG Group
Laura Ucelniece – Halfords
Kenzie Forster – Liberty Global
Lonela Fratea – LKQ Group (ECP)
Megan Harvey – National Gas
Holly Washington – NHS ELFS Business Services
Peter Sleeth – Poundland
Erika Fileni – Radius
Tahmida Begum – Sanctuary Group
Jasmine Bellamy – Screwfix Ltd
Kaylee Simpkin – Specsavers
Olivia Linsey – SSCL
Mark Murray – SSE plc
Kelechi Madubuko – Xylem Water Solutions Ltd
Lauren McClelland – Purepay Retail Ltd
Chak Tiruttullai – Marriot Hotels Int

Outstanding Contribution Award

Katarina Mikolaskova – Advanced Innergy Solutions Limited
David Talbot – Amey
Angie Mitchell – Becketts Foods
Megan Duncan – Bourne Leisure
Melanie Keane – Direct Table Foods
Dawn Reeves – EG Group
Sarah Collins – Highwood Group Ltd
Vicki Davis – Liberty Global
Toni Trudgill – Liberty Global
Caroline Santos – Nandos
Ira Wilson – National Gas
Usman Razaq – Radius
Samantha Cole – SSCL
Stacey Leishman – SSE plc
Leigh Kyle – SSE plc
Marta Barzyczak – Xylem Water Solutions Ltd
Nandini Balakumar – British Heart Foundation
Karolina Tur – Freightliner Group Ltd

Significant Team Achievement Award

Accounts Payable Team – Amey
AP & AR Accounts – Becketts Foods
AP Team – Breedon Group plc
AP Team – CTD Tiles
Retail AP GFR Team – Halfords
Accounts Payable Team – Homeserve Membership Ltd
Procure to Pay Team – J Murphy & Sons
Finance Team – National Gas
AP Team – Poundland
Purchase Ledger Team – Radius
AP Interfaces Team – SSCL
Payables Team – SSE
Finance Team – Kingfisher Insurance Services Ltd
Payment Operations Team – Liberty Global

Digital Transformation Award

Amey
ELFS Business Services
InterDigital, Inc.
Liberty Global
P3 Charities
Radius
SSCL
SSE plc
Awaze

APA Award for Excellence

SSE plc
LKQ Group (ECP)
New Balance
Tarmac
NHS Wales
NHS NI

Shared Service Centre Team of the Year

Amey
EG Group
Freightliner Group
INFOSYS
Liberty Global
National Gas
RSK Group Ltd

Public Sector Team of the Year

ELFS Business Services
SSCL
BSO SSC – NHS NI
NHS Wales
London Borough of Waltham Forest
HCA Healthcare
University of Liverpool
UCLAN (University of Central Lancs)
University Hospital Birmingham

AP Manager of the Year

Joe Sellwood – Amey
Angie Mitchell – Becketts Foods
Chloe Jones – Breedon Group
Ramun Sidhu – Britvic Soft Drinks
Yvonne Rimmer – CTD Tiles
Jordan Ward – Edinburgh Airport
Carrie Thompson – ELFS Business Services
Mandy Wilson – Interdigital
Becky Kirkbright – Liberty Global
Nicola Stevenson – Nandos
Jasmine Dhesi – National Gas
Heather Yates – New Balance
Neil Christie – Ocado
Jacqui Harris – P3 Charities
Jordan Davies – SSCL
Kevin Robertson – SSE plc
Shirell Tutton – The Innovation Group

AP Team of the Year

Advanced Innergy Solutions
Becketts Foods
Breedon Group
Dunelm (Soft Furnishings) Ltd
Highwood Group Ltd
Homeserve Membership Limited
P3 Charities
Poundland
Purepay Retail Ltd
Radius
Yorkshire Water
Survitec Group Ltd
SSE

The awards ceremony is set to take place on 15^th October at the National Motorcycle Museum, Solihull, following the APA Conference 2024. This year’s event promises to be an evening of celebration and recognition, with live music and ITV’s weatherman Des Coleman as compere and entertainer, adding to the excitement.

For more information about the APA Conference and Awards, or to secure your ticket to attend, click the button below!

As part of the Accounts Payable Association’s ongoing work to support the Accounts Payable Industry, we are pleased to announce our latest initiative, the APA Rising Star Scholarship.

The APA strive to provide opportunities for Accounts Payable Professionals to not only build their network within our inclusive community, but to also develop their skills and expertise with a full range of courses and industry-recognised qualifications.

The APA Rising Star scholarship is a unique opportunity for one, well-deserving individual, to be enrolled onto an APA Technician Qualification at no expense to themselves or employer. In support of our community, the APA will fund the winner of the AP Rising Star award to undergo the industry-recognised Qualification.

The Rising Star Award is one of 12 trophies to be presented at the APA Awards Gala Dinner on 15th October 2024, which will see over 300 AP professionals come together in celebration of the best and brightest within the industry.

There is still time to nominate either yourself, or a colleague, for the Rising Star Award, as well as all other award categories, with the deadline to do so on 31st August 2024.

Find out more about the nomination process and how you can join the celebration on 15th October.

Do you ever feel like your Accounts Payable (AP) department operates on an island, disconnected from the rest of the procurement process?

You’re not alone.

Silos between AP and Procure-to-Pay (P2P) are a common roadblock in many organisations. This can lead to inefficiencies, delays, and frustration on both sides.

But what if there was a better way? By fostering collaboration and breaking down those silos, AP and P2P can work together seamlessly to create a more efficient and streamlined process.

In this article, we’ll explore some helpful strategies to achieve this synergy:

Shared Goals, Shared Vision: Building the Bridge Between AP and P2P

Understanding the Big Picture:

While AP and P2P have distinct roles within the procurement process, their ultimate goals are intertwined. Both departments contribute to the smooth flow of goods, services, and payments, ensuring the organisation gets what it needs to operate effectively.

Here’s a breakdown of their shared objectives:

Cost Efficiency: Both sides aim to acquire goods and services at the best possible price, negotiating favorable terms with vendors and avoiding unnecessary spending.

Timely Transactions: Ensuring invoices are processed and payments issued promptly keeps suppliers happy and avoids late fees.

Data Accuracy: Accurate data entry throughout the process minimizes errors and streamlines workflow.

Internal Controls: Both AP and P2P play a role in upholding internal controls to prevent fraud and ensure proper financial oversight.

Bridging the Gap:

Once both departments understand these shared goals, it’s time to break down the walls. Here are some ways to foster a shared vision:

Joint Training Sessions: Organise training sessions where AP and P2P teams learn about each other’s functions. Understanding each other’s challenges and processes fosters empathy and collaboration.

Shared Performance Metrics: Track key performance indicators (KPIs) that reflect the shared goals, such as cycle times, early payment discounts captured, and error rates. This incentivises both teams to work together towards improvement.

Cross-Departmental Collaboration Tools: Utilize collaborative platforms or dashboards that provide both departments with real-time visibility into the procurement process. This fosters transparency and streamlines communication.

Benefits of a Shared Vision:

By establishing a shared vision and fostering collaboration, AP and P2P can achieve significant benefits:

1. Improved Efficiency: Streamlined workflows and better communication lead to faster processing times and reduced errors.

2. Cost Savings: Negotiating better terms with vendors and avoiding delays in payments can lead to significant cost savings.

3. Enhanced Risk Management: Stronger internal controls achieved through collaboration can minimize the risk of fraud and errors.

4. Improved Team Morale: When teams work together towards shared goals, it fosters a more positive and collaborative work environment.

By taking the time to build a shared vision and understanding, AP and P2P can transform from isolated departments into a well-oiled machine, driving greater efficiency and success for the entire organisation.

Communication is Key: Unlocking Seamless Collaboration Between AP and P2P

Open communication is the lifeblood of any successful collaboration. When AP and P2P departments break down communication barriers, they unlock a world of efficiency and improved outcomes.

Here’s how to establish clear communication channels and protocols for a seamless workflow:

Building Bridges of Communication:

1. Regular Check-Ins: Foster a culture of open communication by scheduling regular meetings between AP and P2P teams. These meetings can be weekly, bi-weekly, or monthly, depending on your needs. Discuss upcoming projects, identify potential roadblocks, and brainstorm solutions together.

2. Dedicated Communication Channels: Avoid relying on a sporadic flow of emails. Establish dedicated communication channels for quick and easy exchange of information. Explore options like instant messaging platforms, shared team folders, or even a ticketing system for specific issues.

3. Liaison Power: Consider appointing dedicated liaisons from each department. These individuals would act as communication champions, ensuring smooth information flow and addressing any concerns from their respective teams.

Tools for Effective Communication:

Technology can be a powerful ally in fostering communication.

Here are some tools to consider:

Shared Communication Platforms: Utilize collaborative platforms like project management software or team communication tools. These platforms provide a central hub for sharing documents, assigning tasks, and keeping everyone on the same page.
Standardised Reporting: Implement standardized reporting formats to share data and updates consistently. This ensures everyone is working with the same information and reduces the risk of miscommunication.
Automated Alerts: Set up automated alerts for critical information such as upcoming invoice due dates, purchase order discrepancies, or potential fraud alerts. This proactive approach keeps both teams informed.

Transparency is Your Friend: Shining a Light on Shared Data

Transparency is key to building trust and ensuring both AP and P2P departments are operating at peak efficiency. This means providing clear and easy access to all relevant information for both teams. Here’s how to break down data silos and embrace transparency:

Breaking Down the Data Walls:

Many organisations struggle with data silos, where information is stored in separate systems for AP and P2P. This leads to duplicate data entry, inconsistencies, and difficulty accessing critical information. Let’s break down these walls and embrace transparency:

Centralised Systems: Explore implementing a centralized system for purchase orders, invoices, and supplier data. This can be a dedicated Enterprise Resource Planning (ERP) system or a cloud-based solution specifically designed for procurement. A centralised system ensures everyone is working from the same set of data, minimizing errors and streamlining the workflow.

Real-Time Visibility: Look for solutions that offer real-time visibility into the procurement process. This allows both AP and P2P to track the status of orders, invoices, and payments in real-time, facilitating proactive communication and problem-solving.

Standardised Data Entry: Establish standardized data entry protocols for purchase orders, invoices, and supplier information. This ensures consistency across the system and minimizes the risk of errors due to data variations.

Benefits of Transparency: By embracing transparency, AP and P2P departments can reap several benefits:

Reduced Errors: Working from a single source of truth eliminates discrepancies and data entry errors, leading to more accurate and efficient processes.

Improved Collaboration: Transparency fosters a culture of collaboration. Both teams have a clear understanding of the bigger picture and can work together more effectively to achieve shared goals.

Enhanced Decision-Making: Access to accurate and complete data empowers both departments to make informed decisions that positively impact the procurement process.

Increased Accountability: Transparency holds everyone accountable. Knowing that data is readily available encourages accuracy and promotes a culture of ownership within both departments.

Building a Foundation of Trust:
Transparency is more than just access to data; it’s about building trust. By openly sharing information and collaborating effectively, AP and P2P departments can create a foundation of trust that fosters a more positive and productive work environment.

Embrace Automation: Freeing Up Time for Strategic Collaboration

In today’s digital age, automation is a game-changer for breaking down silos and boosting collaboration between AP and P2P departments. By automating repetitive tasks, both teams can free up valuable time and resources to focus on more strategic initiatives. Here’s how to leverage automation for a smoother workflow:

Automating the Mundane:

Many tasks within the procurement process are manual and time-consuming.

These include:

Data Entry: Automating invoice data entry through AP Automation technology eliminates manual keying and streamlines the process.
Approval Workflows: Implement automated approval workflows for invoices based on pre-defined rules. This reduces manual routing and ensures timely approvals.

Matching Processes: Utilise automation for three-way matching of invoices with purchase orders and receiving reports. This minimises discrepancies and speeds up payment processing.

Focus on What Matters:

By automating these tasks, both AP and P2P are freed from the burden of manual work.

This allows them to focus on more strategic activities such as:

Vendor Management: Building stronger relationships with key vendors, negotiating better terms, and identifying opportunities for cost savings.

Process Improvement: Continuously evaluating and improving the procurement process to identify inefficiencies and implement more efficient workflows.

Risk Management: Collaborating on strategies to mitigate risks associated with fraud or errors in the procurement process.

Data Analysis: Utilising data from the procurement process to identify trends and make informed decisions about future purchases and supplier relationships.

Collaboration, Amplified:

Automation doesn’t replace collaboration, it amplifies it.

By freeing up time from repetitive tasks, both teams can dedicate more resources to working together on strategic initiatives. This fosters a more collaborative environment where both AP and P2P can contribute their expertise to achieve greater efficiency and cost savings for the organisation.

The Future of Collaboration:

Automation is not a one-time fix.

As technology evolves, explore integrating artificial intelligence (AI) and machine learning (ML) into your systems. These tools can further streamline processes, identify anomalies, and provide predictive insights, allowing both AP and P2P to work even more collaboratively and strategically.

By embracing automation and focusing on strategic collaboration, AP and P2P departments can transform their roles from back-office functions to strategic partners driving organizational success.

Celebrate Successes: Highlighting the Power of Teamwork

Collaboration thrives on recognition. When AP and P2P departments work together to achieve successful outcomes, celebrating those wins is crucial. Here’s why recognizing teamwork matters:

Building Morale and Motivation: Taking the time to acknowledge collaborative achievements motivates both teams. It shows them that their hard work and cooperation pay off, fostering a sense of accomplishment and encouraging them to continue working together in the future.

Reinforcing the Value of Collaboration: By celebrating collaborative wins, you send a clear message that teamwork is valued. This reinforces a positive culture where collaboration is seen as the key to success, not just within the procurement process, but potentially across the entire organization.

Ideas for Celebrating Success:

There are many ways to celebrate successful teamwork between AP and P2P:

Public Recognition: Acknowledge the successful collaboration in a company-wide email or newsletter, highlighting the specific teams and individuals involved.

Team Lunch or Outing: Organize a celebratory lunch or team outing to acknowledge the achievement in a more informal setting.

Performance Reviews: Highlight the successful collaboration in individual performance reviews, demonstrating the value of teamwork to career advancement.

Peer-to-Peer Recognition: Implement a program where team members can recognize each other’s contributions to the successful collaboration.

A Celebration of Shared Success:

Celebrating collaborative wins is not about individual accolades; it’s about acknowledging the power of working together.

By recognizing teamwork, you motivate both AP and P2P to continue collaborating towards achieving even greater successes in the future.

This, in turn, strengthens the overall efficiency and effectiveness of the procurement process, benefiting the entire organization.

Let’s Break Down Those Silos!

By implementing these strategies, AP and P2P departments can move beyond isolated operations and build a truly collaborative partnership. This will not only lead to greater efficiency and cost savings, but also create a more positive and productive work environment for everyone involved.

Taking the Next Step

Breaking down silos and fostering collaboration between AP and P2P is an ongoing process.

However, by prioritizing communication, transparency, and teamwork, organizations can create a more streamlined and efficient procurement process that delivers significant benefits for the entire business.

We hope this article has provided valuable insights on how AP and P2P departments can work together seamlessly.

Last week, our esteemed CEO Jamie Radford had the pleasure of attending the prestigious CICM Credit Awards as guests of O2C Labs. It was an unforgettable evening, filled with camaraderie and recognition for the outstanding achievements of teams and individuals within the credit industry.

Our highlights from the evening

Sue Chapple, the esteemed CEO of CICM, delivered a captivating opening address, delving into the rich history of the Institute dating back to its inception in 1939. Her insights provided a profound perspective on the evolution and significance of credit management over the decades.

One of the most striking aspects of the evening was the diverse array of winners hailing from various industries and backgrounds. This diversity mirrors the multifaceted nature of the payable profession, where individuals from all walks of life come together to contribute their unique skills and perspectives.

What truly resonated throughout the event was the undeniable overlap and shared challenges between the accounts payable and credit sectors. Despite the differences in focus, both industries grapple with similar obstacles, with one common denominator standing out above all else – the “People.”

At both the Credit Awards and the APA Awards, individuals remained at the heart of achieving high performance and driving business results. It’s a testament to the unwavering dedication and commitment of professionals across these sectors who understand that success is not merely about numbers, but about the people behind them.

Empowering the Industry with pivotal Partnerships

So let’s spotlight the pivotal relationship between Accounts Payable and Credit teams and why their synergy is a game-changer.

⚡ Efficiency Amplified: By harmonising AP and Credit operations, organisations unleash a powerhouse of efficiency. Streamlined processes ensure invoices are promptly processed and payments are made on time, optimising cash flow management.

💡 Insightful Decision-Making: The fusion of AP and Credit data offers a panoramic view of financial health. From identifying trends to mitigating risks, this comprehensive insight empowers informed decision-making at every turn.

🤝 Seamless Communication: Effective collaboration bridges the gap between departments, fostering seamless communication. Whether it’s resolving discrepancies or addressing vendor concerns, a united front ensures swift resolutions and strengthens vendor relationships.

🌐 Global Impact: In today’s interconnected world, the impact of collaboration transcends borders. By aligning AP and Credit strategies across regions, organisations not only ensure compliance but also enhance their global footprint.

💥 Driving Innovation: Collaboration breeds innovation. When AP and Credit teams join forces, they become catalysts for transformative change. From adopting cutting-edge technologies to pioneering best practices, this synergy propels organisations towards the forefront of industry innovation.

🚀 Future-Proofing Success: In a landscape characterised by constant evolution, collaboration is the cornerstone of future-proofing success. By fostering a culture of collaboration, organisations adapt, thrive, and remain agile in the face of ever-changing financial landscapes.

👥 As we champion collaboration, let’s recognise the invaluable role of every individual within the AP and Credit ecosystem. Together, we’re not just shaping the future of finance we’re redefining it.

As we reflect on the inspiring evening at the CICM Credit Awards, let’s carry forward this spirit of collaboration and appreciation for the invaluable contributions of individuals within our respective industries. Together, we can continue to elevate the standards of excellence and drive positive change within the realms of credit management and accounts payable.

Thank you Credit Community 🙏

Special thanks to Chris Sanders FCICM , Laurie Beagle FCICM & Kerry McKevitt MBA from The Order to Cash Laboratory Ltd for the invite & hospitality.

The Accounts Payable Association, at the forefront of pioneering solutions for professionals in the industry, is delighted to announce its newly enhanced website crafted exclusively for Accounts Payable Professionals.

In response to the dynamic landscape of financial management and the increasing demand for streamlined processes, the Accounts Payable Association is thrilled to unveil a redesigned and feature-rich website catering to Accounts Payable Professionals. This online platform aims to empower experts with cutting-edge education, resources, and an easy-to-use Events Calendar, giving professionals the tools and knowledge to manage and optimise Accounts Payable processes.

What does the website have to offer?

The newly launched website offers a comprehensive suite of features designed to enhance efficiency and productivity for Accounts Payable Professionals. Key highlights include:

• Intuitive Interface: A user-friendly interface ensures seamless navigation, providing quick access to essential tools and resources.

• Resource Hub: A robust resource hub houses industry insights, educational masterclasses, industry news and updates on best practices, equipping professionals with the knowledge to stay ahead in a rapidly evolving Accounts Payable landscape.

• New E-commerce Journey: Discover a streamlined and user-friendly e-commerce experience for easy access to association courses, memberships, and more.

• Dynamic Events Calendar: Never miss out on an industry event again with our comprehensive Events Calendar. Stay up-to-date on future events, workshops and webinars, with the ability to register interest and secure your ticket(s) there and then.

A few words from Jamie Radford

“Accounts Payable Association is dedicated to empowering Accounts Payable professionals with the tools and knowledge they need to succeed. The launch of our new website signifies our commitment to providing the Accounts Payable industry with a community and opportunity to enable Professionals to navigate the complexities of Accounts Payable easily and efficiently.”

Jamie Radford, CEO, Accounts Payable Association

With AP Appreciation Week finished for another year, we are taking the time to reflect on what was a successful and thought-provoking five days.

Last Tuesday, we were joined by over 100 Accounts Payable and P2P professionals in Oxford for one of our biggest events of the year, the AP & P2P Forum. Over the course of the day, we were led by special guest panels in identifying the barriers we face within the community, how technology can be used to tackle those obstacles, and what we can expect for the future.

As the scene was set for the first panel of the day, the audience quickly identified an often fraught relationship between Accounts Payable departments and P2P as a reoccurring barrier. Steered by the session host Philip Spence, each panellist was able to describe how they have been able to work alongside their procurement teams and finance departments, developing a working relationship and ensuring communication. ‘Sometimes it is about winning hearts and minds to ensure that relationships can thrive’.

For the second panel of the day, Max Kent of PSL led the debate on ‘The Ostrich Effect’, avoiding change and technology to the detriment of a business. Many attendees revealed that resistance to the ‘new’ usually stemmed from fear of job security, with anxiety that automated technology reduced workloads and the necessity for staff. With a refreshing take on a common problem, delegates revealed how they had successfully overcome this. By communicating the benefits of new systems and highlighting how reduced manual work could allow for more time analyising and improving processes, they were able to effectively implement new systems with the support of their staff. Echoing similar sentiments to the first panel, it highlighted how communication was once again essential, whether between teams or internally.

Throwing it back to earlier days in his career, automation expert Jethro Elvin of Basware shared an interesting example of how fostering positive relationships was paramount. Explaining his time spent visiting suppliers, Jethro recalled working alongside the Mersey River with factory workers, filling Jammie Dodgers with hungry wasps swarming around. Being able to understand the processes of these workers, and the problems they faced, helped Jethro to develop a stronger working relationship with that supplier. Almost 20 years later, Jethro remains a strong advocate for putting yourself in another’s shoes.

Our special guest speaker spoke of his experience becoming a World Champion and Olympic athlete twice-over, providing attendees with the drive to conquer their dreams. . To change our perception of success into a reality, we must consider all that we need to achieve and the steps required to get there. The inspiring session questioned, ‘How can we instigate our own success, and how can we facilitate our own cycle of change?’

So, what can we take home from the AP Forum?

As AP teams across the country celebrated each other and their profession during AP Appreciation Week, it is clearer than ever that the drive to change and elevate our profession is there. But how can we facilitate this change ourselves?

The AP Forum provided some essential take-home messages, that we can champion ourselves, and with perseverance, we can create our own cycle of change. So why not give the following a try and see where it can take you?

Communicating

Whether we are liaising with suppliers and customers, working with other departments or speaking to team members, ensuring we communicate effectively is essential for developing positive working relationships. Taking the time to get to know one another personally and professionally can help us sympathise with one another and adapt to a more cooperative way of working.

Learning and Developing

Recognising our limitations at work can sometimes be the hardest challenge, however, learning from our mistakes and working on our weaknesses can often have the biggest positive impact. With the launch of software such as ACT, which enables AP teams to analyse where there is room for improvement and then tailor their training accordingly, it is now easier than ever to develop professionally and streamline a department.

Inspiring

For the last session of the day at the AP and P2P Forum, the discussion moved to the future of Accounts Payable and the workforce of tomorrow. Inspiring the next generation of AP professionals and instilling them with the same passion for the industry is essential for continuing the progress we have made as a collective. By encouraging more newcomers to consider Accounts Payable as a long-term career in which they can progress, we can help to continue raising the standards and perception of the industry.

What is the impact of treating accounts payable as a silo function within an organisation?

We’re exploring the importance of engaging with key internal and external stakeholders, including suppliers, business operations, procurement, and the wider finance community.
Let’s break down the barriers and foster collaborative relationships for a stronger, more efficient financial ecosystem.

The Impact of Accounts Payable as a Silo Function

Accounts Payable is often seen as an isolated department focused solely on processing invoices and making payments. However, this silo mentality can have several negative consequences on the overall efficiency and effectiveness of an organisation:

1. Missed Opportunities for Cost Savings: When Accounts Payable operates independently, it may miss out on identifying potential cost-saving opportunities in supplier contracts and payment terms. Collaborating with procurement and finance teams can lead to more favourable arrangements and improved cash flow.

2. Lack of Transparency: Siloed functions can lead to a lack of transparency and communication between departments. This can result in delayed invoice processing, disputes with suppliers, and ultimately harm business relationships.

3. Increased Errors and Fraud Risks: A lack of integration with other departments may increase the likelihood of errors and fraud. Engaging with stakeholders ensures multiple sets of eyes on financial processes, mitigating risks.

Engaging with Key Internal Stakeholders

1. Procurement Collaboration: Establish a regular feedback loop between Accounts Payable and Procurement teams. By involving AP in the procurement process, they can provide insights on supplier payment preferences and help negotiate better terms.

2. Business Operations Integration: Work closely with business operations teams to understand their requirements for timely payments. Regular meetings can help identify recurring issues and improve the invoice approval workflow.

3. Finance Team Synergy: Foster collaboration between Accounts Payable and the wider finance community, such as the General Ledger and Treasury teams. This collaboration enhances visibility into financial data and ensures accurate cash flow management.
Strengthening Relationships with External Stakeholders

· Supplier Engagement: Engage with suppliers beyond payment-related matters. Building strong relationships can lead to more flexible payment terms, early payment discounts, and a steady supply of goods and services.

· Clear Communication: Maintain an open line of communication with suppliers to address payment concerns promptly. Being transparent about payment timelines and any potential delays fosters trust and reliability.

Breaking Down Silos – The Way Forward

1. Cross-Departmental Meetings: Organise regular meetings involving representatives from different departments, including Accounts Payable. Encourage discussion on challenges and opportunities to promote a culture of collaboration.

2. Technology and Integration: Invest in integrated financial systems that connect Accounts Payable with other departments. Shared access to data ensures real-time information exchange and reduces duplication of efforts.

3. Training and Skill Development: Offer training programs to Accounts Payable teams, enabling them to understand the broader financial landscape. This empowers them to contribute meaningfully in cross-functional discussions.

By breaking down the silo mentality and actively engaging with key stakeholders, Accounts Payable can become a strategic player within the organisation. A collaborative approach not only enhances financial processes but also strengthens relationships with suppliers and fosters a more unified and efficient finance community.

Let’s embrace this change together and pave the way for a more interconnected and successful organization.

A few words from Jamie Radford

APA Award 2023 Winners: