AP Automation: The First Step of the CFO’s Digital Transformation Journey

DigitalCFO Asia | 31 January 2022

  • Held on 11 January 2022, this webinar discusses the market trends on AP Automation in Asia and why it is the start to a CFO’s digital transformation journey. 
  • The panel included industry experts from Jardine Cycle & Carriage Limited, xSuite Asia Pacific and Teckwah Industrial Corporation
  • The webinar saw more than 80 registrations and saw attendees from Enderun Colleges, Altus Capital Partners, GSK, Alcon and many more

xSuite partnered with DigitalCFO Asia to address the key role of AP Automation in the digital transformation journey of CFOs as well as the kick off point in the accounts payable process which provides a low-hanging fruit for CFOs to secure early wins and big impacts to help build trust for the future. 

The panel included industry experts such as Kent Teo, Regional CFO, SEA at Jardine Cycle & Carriage Limited, Marcus Rex, Managing Director at xSuite Asia Pacific and Shian Goh, Finance Director at Teckwah Industrial Corporation

Despite the technological advances happening throughout the organisation, accounts payable has remained a manual process in many businesses and still sees the likes of mail delivered invoices and physical cheques. However, a future of finance is said to be embedded with automation, providing real time insights, via a self-service model. With companies wanting to transform to a more digital organisation, it is important that they automate their processes and the first thing companies should digitalise is their accounts payments. 

Marcus Rex said, “With automated processing solutions, your business as well as those in collaboration with you will have easier access to documents without sacrificing on time.”

Technology will play an increasingly important role especially with the companies’ CFO taking on a more strategic outlook. As finance professionals look to drive digital transformation within their departments and their organisations, CFOs need to ensure that they maintain the balance between business value creation, risk management, and fraud mitigation.

Marcus Rex added that, “With fraud detection, AP ensures that you are not paying for anything you should not be paying for. These solutions ensure that the necessary payments are being made, invoices are kept track of and the right PO is in place.” 

At xSuite, they believe that the cloud is the next step in the consistent digitalization of business processes. Their motto is “Cloud first, but not Cloud only”. With their solutions, they will enable you to expand your existing on-premises system landscape with flexible services from the cloud. These hybrid scenarios combine the best of both worlds. You can find out more here: https://www.xsuite.com/en/about-xsuite/xsuite-at-a-glance/