Mary Schaeffer, A Life in Accounts Payable – From Paper to Agentic AI

If something seems scary - just go for it! That's the advice from guru of the AP industry, Mary Schaeffer in this edition of the Finance and Procurement People Podcast. Mary talks about the value, especially when first starting out in our careers of being flexible, adaptable and ready to change. Because, as she goes on to say, careers twenty years from now will look nothing like they do today, so the best thing to do is just accept that and it'll be an interesting journey!

And an interesting journey is something that Mary herself has had. Starting life as a finance person, rather than strictly AP, Mary had a view of the whole process including Accounts Payable. But when her world evolved from doing to writing, firstly for a newsletter company, she was challenged to write 3 newsletters, corporate cash management, credit management and then there was a question mark about the third. 

Her boss said "Accounts Payable." Mary said, no. 

Not because she didn't want to, but she thought it wouldn't succeed. Not enough to write about and not enough interest. Or so she thought. But, as she explains, she was persuaded to try and then they would review. Mary recounts that from the very first publication, the AP newsletter flew off the shelves! In fact, it was the biggest success the company had ever had. AP had someone in their corner and they loved it. 

But after a few years with the company, Mary decided to head out on her own. And at that point there was not a moment's hesitation. The future was going to be all about Accounts Payable. 

Mary points out though that although the world of AP is rapidly changing, one element has not changed as much as she would like; the assumption that when something goes wrong, like paying on time, it must be the fault of Accounts Payable. 

But technology, culture and process is helping here. The widespread use of AP automation has put more power into the hands of AP professionals to be more strategic and now with the rise of AI, there is even more opportunity. 

But Mary points out that sometimes AI gives with one hand and takes with the other, particularly when it comes to understanding the fraud threat and how to combat it. However, that AI will have and is having a big impact on AP teams is beyond question, and those who will do the best with it are those who learn how to use it well and efficiently. Mary advices just playing around with AI and finding out what it can do.

Having already written over 20 books, Mary talks about the 5 books she is in the process of writing and hopes to have "some" of them out for next year!