The Association for Financial Professionals (AFP) has released its latest payments decision guide, entitled
Creating a Payables Strategy, Part I
. The guide, underwritten by Fifth Third Bank, outlines the rationale for having a payments strategy in place, implementation guidelines, best practices, and insights from business practitioners.
A well-articulated strategy can optimise the value of the payables process for a company as a whole, rather than for particular business lines only. Such a strategy will also guide treasury employees in their daily functions to ensure that their behaviour is consistent with the company’s expectations.
The guide begins by looking at the goals and drivers of a payables policy, such as minimising costs, ensuring that purchases are made from preferred and approved vendors, and using payment types and channels that are consistent with trading partner agreements. Next, the guide examines how to create a payments policy and effectively communicate it across the organisation. It then delves into payables strategy implementation and many important factors to consider, including the regulatory framework and stakeholders.
The new guide is the sixth in a series by AFP, parent of gtnews, of payment decision guides and relates to earlier editions published in 2013 and 2012. The AFP payments decision guides as a whole are intended as a portfolio of guides on related topics that, taken together, offer a company assistance in setting its payments goals and establishing a comprehensive approach to payables that ensures they contribute to a company meeting, or exceeding, its business goals.
Next in the series will be
Payables Strategy, Part 2
, which will build on topics covered in Part 1 by looking forward to evolving issues and payables.
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