Treasury Take: Transforming AP and AR

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Wells Fargo Global Treasury Management

Treasury Take

A collection of Global Treasury management videos featuring client business leaders sharing knowledge, experience, insights and strategies.

What it truly means to digitize your organization

Transforming AP and AR

Adam Rigby
Senior lead Digital Product Manager
Wells Fargo Global Treasury Management

Michelle Austin
Chief Financial Officer
Smith Bagley, Inc.

Adam Rigby: Digitizing your organization can take a number of different paths. I am Adam Rigby with Wells Fargo, and today I have joining me Michelle Austin from Smith Bagley, INC. Michelle is going to talk to us a little bit about what it’s been like at her organization to digitize her business. Michelle, as you’ve been evaluating traditional processes vs digitization options. What have you been weighing in as the pros and cons for the alternatives? 

Michelle Austin: Well, what I would like to see for our organization is ultimately, we would have a system for the accounts payable side where we have our invoices come in electronically. We have them processed and sent out remotely to the approvers, and then they come back into our AP system, and that would all be done through AI.  On the receivables side, a similar process where we can do reconciliations electronically and then consolidation of our payment streams.  We receive a number of payments from our customers through various forms and so looking for a way to consolidate all of that through AI on the backend as well, that would be great.  Obviously, the technology has to be balanced with the cost.

Back to Adam: Thank you Michelle, I appreciate you joining us here.

Back to Michelle: Thank you very much, I appreciate you having me.

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