Is It Time to Move Your Accounts Payable to a Shared Services Center?

The latest 2023 State of the Industry Survey found that only 10% of shared services and GBS organizations have fully automated their Accounts Payable Solution. Another 55% are partially automated, leaving nearly half of businesses in the early planning stages—or not considering automation at all. For many, this delay in centralizing and automating AP could be a costly missed opportunity.

Transitioning to a Shared Services Center (SSC) for AP can be a powerful move for businesses managing high volumes of invoices across regions. SSCs services streamline and centralize AP tasks like invoice processing and vendor payments, improving efficiency, accuracy, and compliance across locations. For companies struggling with errors, delayed payments, or compliance issues, an SSC setup offers an organized approach to AP that minimizes manual work and enhances real-time visibility.

But is this solution right for your business? Here are key questions to ask before making the transition:

1. How much does it cost to process each invoice, and how does this compare to your competitors?
2. How much of your current AP process is automated, and where do manual tasks slow things down?
3. Do you experience frequent late payments, which can hurt vendor relationships?
4. How transparent is your current AP process, and can finance leaders easily see payment statuses and cash flow?

If these challenges resonate with you, a Shared Services Center could be a valuable solution. The full article covers essential considerations like centralization benefits, potential pitfalls, and a checklist of AP needs to ensure a smooth transition.

Read over to the complete blog here to learn more about. When Should I Move My Accounts Payable to a Shared Services Center (SSC)