Unlock Greater Operational Performance With Automated Accounts Payable Software
PURCHASE TO PAYMENT CYCLE
Efficiency, cost-effectiveness, and audit-readiness are perennial goals for financial departments in all organizations, regardless of size. Enhancing the purchase-to-payment cycle is one significant way of achieving these objectives. An automated accounts payable software solution can prove invaluable in this regard.
By automating the accounts payable process, organizations can create streamlined, efficient cycle. Companies can reduce errors related to manual data entry, improved their cash flow, minimized fraud, and ensure their financial teams are processing purchase orders and approving invoices quickly and cost-effectively. Automation also serves to improve visibility into the financial department, by centralizing information and document management for long-term benefits.
Not only does the use of an automated accounts payable solution reduce expenses and improve operational performance, but it heightens compliance for organizations in number of ways. Payees can easily be verified, and duplicate payments avoided. Additionally, workflow rules compliance, such as early payment discounts or payment terms, can be enforced, driving cost savings and reducing late payment penalties. Furthermore, external audit trails can be created and tracked in real-time, facilitating smoother audits while reducing the associated costs.
While the benefits of automated accounts payable are far-reaching, the impact of software solution on the actual process is significant. Without such tool, approving invoices and reconciling accounts requires significant manual intervention with associated costly labor, which is eliminated with an automated accounts payable solution. Invoices can be approved and processes managed electronically, without having to print documents, seek original signatures and archiving multiple copies. Additionally, automated workflows can reduce the cycle time for invoice processing and payment, thus improving the return on investment.
In summary, an automated accounts payable software solution provides organizations of all sizes with cost-effective, efficient, and compliant way of managing the purchase to payment cycle. By doing so, the ultimate operational performance of the financial department is improved dramatically. With tangible benefits such as better cash flow and improved compliance, as well as efficient invoice reconciliation and reduced labor expense, CFOs and other financial executives would be wise to consider such solution.
