COVID-19 has reshaped the business in many different ways and due to the challenges, it’s brought it is causing many organizations a huge loss. One of the departments that are encountering some of the major challenges are AP departments dealing with the pandemic. Luckily, there is a solution for all of these problems. If your business requires some effective steps to face these challenges, here are 3 steps to ensure you overcome all challenges while achieving the best results along the way. So, to ensure that you are not affected by COVID-19, you must think about the strategies.
Here is a 3 step strategy that might be your greatest way to manage finance and operation in your company with the utmost convenience.
1) Ensure Continuity
Right now, the goal for the companies is to ensure continuity. We all know the basic rule of business, and it is to always plan for the future and stay ahead of time. But at the moment, survival is most important, and easing the work for AP leaders must be a top priority. Focusing on the AP departments will help you manage cash flow and recover from the pandemic with a minimum or no loss of profit at all.
- Aligning the CFO and team to ensure liquidity will ensure intelligent ways of cash management. Additionally, the CFO strategy holds high value, and working together will help better understand the required changes.
- The next step is to understand the situation and react to changes and supplier payment strategies. As the flexibility in your ways to deal with supplier payments can be a helpful strategy for AP departments.
- Then, work on the short-term workarounds. Fix the short-term crisis and slowly move toward the long term planning.
2) Build Resilience
Once you have planned your strategies for continuity, the next step is to build resilience. We suggest you work on the following:
- AP Automation (see our ultimate guide here) :automate your Microsoft Dynamics 365 FO. Let the ERP system automate your document management.
- Work on cash management tactics & strategies: The pandemic will likely stay for a long time, so your company needs cash reserves to get you through the coming days. So it’s time to expand your strategies and help CFO strategizing.
- Ensure that your AP employees are flexible: Work on your employees, help them with advanced thinking, and develop a problem-solving attitude to face the challenges.
- Work on forward-thinking strategies: If you are still working with the older tactics, it’s time to move forward and invest more in the technology. We recommend you think about investing in Microsoft Dynamics ERP solution for account payable automation and other businesses.
3) Support Recovery
Recovery is the most crucial step for your organization and AP strategies will only work if you are using them correctly. So, are you ready to recover from COVID-19?
- Work closely with other stakeholders to manage cash intelligently. Even if you will invest in the Dynamics 365 FO, you need management to take part in this decision.
- It is a good time to focus on filling the knowledge gaps by offering training opportunities. You can hire consultants to train the workforce for AP software.
- Develop intelligent strategies to let the leaders analyze data in real-time and make informed decisions.
- Learn from the pandemic and ensure you will always be prepared to deal with any events down the road in the future.
How do DHRP fit in?
DHRP fits right where you need us. We will be assisting you in your journey to digital transformation. It is not an easy job. However, our experts know exactly how to help businesses get through the pandemic at the minimum cost possible. For quick details on our implementation methods, connect now.
