Purchase-to-Pay in Higher Education by PayStream Advisors
College finance departments are under pressure to re-think purchase-to-pay. Expenses are growing while alternative sources of revenue are starting to dry up as families, facing rising tuition fees, become more cost-conscious.The pressure is now on teams to be as fast, efficient and streamlined as possible. The payment department in most institutions is an open door for cost saving because it’s:
- Likely to have a centralized payment department.
- Unlikely to be self-confessed “innovators” in AP
- Likely to process the vast majority of invoices on paper
- Unlikely to pay vendors electronically
- Likely to face issues with supplier adoption
All these issues make higher education an industry ripe for AP automation. And you’re in the right place if you think it’s time to start your journey.