Serrala’s Matt Pitcher on Enhancing Cash Flow Management with Automated AP, AR Solutions

In this Executive Interview, which took place at Community Summit NA 2024, Cam Sessinger speaks with Matt Pitcher, Product Director, Accounts Payable, Serrala. The two discuss the benefits of automated accounts receivable (AR) and accounts payable (AP) solutions.

Key Takeaways

• How AP and AR improve cash flow management: The impact of AR and AP in improving cash flow management includes enhanced speed and agility in invoice processing and payments, reducing manual work to minimize errors and allow employees to focus on more important tasks, and leveraging automation for real-time analytics to optimize workflows and manage relationships with buyers and suppliers.
• Flexible payment options: Offering flexible payment options, resolving disputes efficiently on the AR side, and providing timely payments to secure better terms and discounts on the AP side are crucial factors in the management of cash flow.
• AR and AP trends: The biggest trend in the industry right now is AI and ML, which are prominently featured in conferences. Other significant trends include automation and ROI, security and fraud prevention, and the adoption of electronic invoicing for global organizations, which is expected to expand to North America soon.
• Selecting a partner: When looking for an AR or AP partner, Matt highlights the importance of seamless ERP integration for data flow and transparency, and the significance of automation capabilities, such as data capture and workflow automation, to address business challenges and reduce manual work.
• Right time to invest: Organizations are at various stages of digital transformation, from manual to autonomous processes. Key factors when looking to invest in AR or AP solutions are timely payments, fraud prevention, and Customer Relationship Management, all aimed at improving cash flow and working capital. He notes that Serrala provides transparency across AR, AP, and treasury management.
• Overcoming challenges: Organizations are rapidly investing in AI and machine learning, but there is a lack of subject matter expertise across various departments. It’s crucial for individuals to educate themselves on AI and ML to help their organizations implement these technologies effectively and make the best use of their time.