OCTOBER 2023Copyright © 2023 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Managing EditorSarah DawsonEditorial StaffAaron Pierce Ava Garcia Leah JaneJoshua ParkerVisualizer*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEditor's NoteSarah DawsonManaging Editoreditor@cfotechoutlook.comDriving Better Business Growth with Accounts Payment Automation Effective management of accounts payable (AP) is vital for the long-term success of any modern business. Managing AP goes beyond routine bookkeeping; it plays a strategic role. Adept AP management enhances accuracy, expedites invoice processing, and provides valuable insights for optimizing supplier payment timing and terms. Businesses that leverage AP management optimize their financial health and supplier relationships. Those who prioritize and excel in this aspect experience smoother operations, cost savings, and greater efficiency, leading to business growth and success.According to market research, the accounts payable market is projected to expand from USD 1.22 bn in 2023 to USD 2.79 bn by 2032, at a CAGR of 10.90 percent. The digital revolution is a major factor driving this growth, reshaping how businesses and consumers interact. The increasing adoption of AI in AP processes is one of the main drivers of this market. AI is instrumental in automating invoice processing and fraud detection, streamlining operations, and enhancing efficiency. With features like separate roles, dual-factor authentication, and robust auditing capabilities, AP automation offers enhanced payment controls. Digital solutions are increasingly used for payment processing and invoice management to reduce invoice processing times and digitize payment processes. Finance leaders recognize the pivotal role of AP automation, making it a top priority for investment in automation.This CFO Tech Outlook edition highlights key developments in the Accounts Payable 2023 space through thought leadership articles from Brad Agee, Vice President- Accounts Receivable Manager, Amegy Bank, and Michael McCoy, CFO, B. Riley Financial.Brad Agee discusses accounts receivable financing as a way to increase cash flow by selling outstanding invoices to a third party for immediate cash. Michael McCoy addresses the Financial Accounting Standards Board's (FASB) framework for fair value measurements and defines fair value as the price in an orderly transaction between market participants.This edition spotlights DocuPhase, a company dedicated to providing intelligent financial solutions to streamline and automate back-office operations, offering predictability and efficiency in financial processes.In this edition featuring Top Accounts Payable Solutions Providers in 2023, we hope you find the appropriate company suited to your business requirements.Let us know your thoughts.Contact Us:Phone:510-565-7614Fax:510-894-8405Email:sales@cfotechoutlook.comeditor@cfotechoutlook.commarketing@cfotechoutlook.com OCTOBER - 20 - 2023, Vol 09-03 (ISSN 2644 - 2841) Published by ValleyMedia, Inc. To subscribe to CFO Tech OutlookVisit www.cfotechoutlook.com Celestial Jordan
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