Critical Ways Treasury and Accounts Payable Should Collaborate
This recent Elire Treasury Experience session featured insights from experts Stephen Kwiatkowski, Managing Consultant at Elire, and Nick Fritz, Solutions Engineer at MHC, on the evolving collaboration between Treasury and Accounts Payable (AP). As companies navigate today’s economic volatility, optimizing cash flow management across departments becomes essential. The session highlights the importance of integrating AP and Treasury processes, emphasizing how unified systems enable real-time cash visibility, streamline payment approvals, and boost cost savings. This enables more accurate forecasting and efficient cash management, which are crucial given the increasing costs of borrowing and tighter budget constraints.
Kwiatkowski and Fritz outlined a roadmap focused on integrating technology solutions that bridge the gaps between Treasury, ERP, and AP platforms. Implementing AP automation reduces manual tasks, facilitates faster processing, and enhances control over outstanding liabilities. Treasury teams, on the other hand, benefit from automation tools in managing cash flow, planning for future expenditures, and optimizing payment schedules. This unified strategy leverages data for accurate forecasting, enabling both departments to make data-driven decisions with a full understanding of cash inflows and outflows, optimizing working capital and reducing unnecessary borrowing.
Viewers will learn about the need for a culture of collaboration between AP and Treasury, and the need for adequate support via the right technology stack. The adoption of AP and Treasury Management Systems (TMS) integrated with ERP solutions can reduce manual errors, cut down on processing time, and yield significant cost savings. For companies aiming to improve their cash flow management, this partnership between AP and Treasury—powered by automation—provides a sustainable approach to financial stability and resilience. For more information on how AP and Treasury can work together and how your organization can benefit, reach out to [email protected] with questions. In the meantime, browse our Treasury Services page here.