Revving The Engine: Leveraging Software To Increase Procure-To-Pay Performance
PROCURE-TO-PAY
The modern C-suite executive is continually looking for ways to drive efficiencies across their organization. Processes related to procure-to-pay are evermore complex and unwieldy, and often are challenged to keep up with evolving associated demands. As result, executives seek out software solutions to improve the speed, accuracy and scale of processes related to procure-to-pay.
With an automated accounts payable solution, organizations are able to streamline and simplify core procurement functions. This enables enterprises to optimally manage and monitor P2P processes, automate invoice processing and gain real-time visibility into their operations. With the ability to dramatically reduce manual processes associated with accounts payable, organizations can see decrease in overhead costs while also obtaining single view of their entire procurement workflow.
One way that C-suite executives can leverage software to increase performance with regards to procure-to-pay is to begin by integrating the procure-to-pay process. Integrating the different functions of procure-to-pay such as purchase requisition, invoice management and payment management can provide more seamless and unified process of connecting P2P activities. Furthermore, with integrated procure-to-pay processes executives are able to easily reconcile vendor tracking including discounts and taxes from unified dashboard. This can provide executives with visibility into cost savings associated with vendor discounts and ensure that vendors are invoicing correct amounts in an efficient manner.
Another way to drive value from software solutions related to procure-to-pay is to make sure that existing software solutions are being utilized effectively. This can be done by training staff in the software solution, leveraging performance monitoring to ensure the effectiveness of said solution, and identifying any problems with the software solution before they manifest.
Adopting real-time payments is another powerful way to leverage accounts payable software to achieve heightened operational performance. By managing incoming and outgoing payments in real-time where data is securely transmitted between two parties, executives are able to ensure that payments are made at the earliest possible convenience. Additionally, this manner of payment processing enables managers to provide critical information to suppliers more quickly, allowing them to reconcile invoices immediately.
Ultimately, for C-suite executives, accounts payable software is an essential step in improving procure-to-pay performance. By integrating procure-to-pay functions, utilizing existing software solutions effectively, and allowing for real-time payments, businesses can see dramatic increase in performance while also obtaining visibility into areas they have been lacking. In this day and age, accounts payable software is truly powerful tool to have in one?s arsenal.
