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Outsourcing Accounts Payable
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To survive the current economic downturn, many organizations are cutting costs by outsourcing their accounts payable functions. Some organizations outsource specific functions while other benefit from outsourcing the entire AP operation.
Outsourcing some or all of payables can save an organization 30 to 70 percent of its AP budget. This issue features information on why outsourcing may be just what your organization needs. |
| Ashley Jones – Editor
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The Benefits of Outsourcing |
In a survey conducted by The Accounts Payable Network, Outsource and Off-Shore Practices, the most common objective for outsourcing AP functions was cost reduction. Outsourcing not only reduces costs, but permits AP to focus on its core competencies and gain access to world-class capabilities.
According to the survey:
- Recovery Audit is the most commonly outsourced function, followed by invoice scanning.
- Overall, most AP departments are satisfied with outsourcing.
- Most outsourcing takes place off-shore (i.e. in a different country than where the organization is located).
Amidst the existing economic conditions, outsourcing has become a way for organizations to shield themselves from some of the effects of the economic slowdown. Check out The Accounts Payable Network audio education CD, Outsourcing AP Functions: Boon or Bane?, featuring Phil Binkow, CEO, Financial Operations Networks LLC, The AP Network, The AP Channel. Learn tips on determining if outsourcing is right for your organization, which AP functions are best suited for outsourcing, and the 13 key points to include in every outsourcing contract. (Earns 1 CEU)
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| Outsourcing in the Financial Crisis |
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The outsourcing industry crosses its' fingers as it gets ready to face the tough economic times ahead. Read the story on TAPC.
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Just for Fun! |
Have you ever been so tired at work that the thought of "hiding" your unprocessed invoices in a drawer, transferring all vendor calls to your voicemail, and crawling under your desk for a power nap was so tempting that you almost took that chance? Of course you haven't. But just in case the situation should ever arise, here are some tips on How to Stay Energized & Awake at Work or School.
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