Maximizing Operational Performance With Accounts Payable Automation
3 Way Matching Invoice Processing
The increasing complexity of modern business operations has made it increasingly difficult to streamline all operational tasks in order to maximize efficiency and, in turn, performance. One of the most common areas of operational difficulty, particularly within the context of finance and accounting, is three-way invoice processing. This process includes manual matching of invoices and other documents to achieve accuracy in payments and reporting, and due to its high transaction volume, can be extremely time consuming and difficult to manage.
Modern accounts payable automation Softwaresolutions exist to provide streamlined processing of three-way matching invoices, data entry, payments, and general maintenance of accounts payable operations. These solutions are designed to assist financial executives in managing the complexity of their accounts payable operations, and are especially useful for global organizations who must process invoices in multiple currencies.
The most comprehensive solutions offer tight integration of accounting systems with supplier databases for efficient invoice analysis, open and clear communication via EDI and stored documents, as well as customizable workflow automation capabilities. This will enable Finance Executives to mitigate risks associated with inefficient processing of incoming invoices, and reduce processing delays, manual data entry errors, and potential losses due to fraud.
To gain the most value from automated accounts payable solutions, Finance teams should keep up to date with industry standards and best practices, as well as study companiespecific invoice processing trends and data. Companies should also continuously assess their own accounts payable processes against their ideal goal in order to identify areas for improvement.
When seeking an appropriate accounts payable automation solution for their organization, C-Suite executives should the ensure the system does away with manual and time consuming billing and reconciliation tasks, and instead delivers an automated and streamlined process for processing invoices in an efficient and cost-effective manner. This control over the process from start to finish is essential for optimizing operational performance and standards.
Accounts payable automation solutions can scale and customize with an organizations specific requirements, rules, and regulations, allowing finance teams to fortify their internal control environment and streamline their financial reporting process. Solutions such as these, when implemented correctly, will reduce risks and lead to improved operational performance, which will yield cost savings and improve the organizations bottom line.
