Optimizing Accounts Payable Automation Software For Full-Cycle AP
Full Cycle Ap
The use of Accounts Payable (AP) automation software has been instrumental in streamlining and modernizing the procure-to-pay process. In order to drive operational performance and cost-savings, Finance Executives must be able to leverage this automation system to its full capacity, optimizing their AP operations across the entire entity.
Deploying full-cycle AP automation solution, comprising of the basic cells of flow procure-to-pay, record-to-report, and order-to-cash allows organizations to achieve maximum benefit from their software deployment. This type of system streamlines the accounts payable workflow from the initial invoice receipt, to automated matching and approval, all the way through to payment of the outstanding balance. This allows for quicker execution of accurate payments, and generates real-time insights as to how the AP process is being managed.
At the beginning of the procure-to-pay process, Accounts Payable Automation Software provides users with the ability to track, authenticate and approve invoices using central integrated system. Advanced solutions offer powerful three-way matching capabilities which include supplier-invoice-PO matching, or even Supplier-Invoice-GR matching. This not only eliminates duplicate payments and incorrect invoices, but further eliminates the need for manual redundant data entry, reducing overhead costs and ensuring greater accuracy in the payment process.
Next, Accounts Payable Automation Software creates standardized approval matrix by eliminating dual-key controls, if desired. Customizable approval flows may be designed to take into account specific geographical, legal, or financial routing criteria. By assigning approval limits to users, organizations gain the ability to monitor spending on certain categories and implement controls over any purchase. This ensures that proper oversight is maintained for specific groups, preventing mismanagement of funds.
In addition, business analytics can be used to access transparent performance metrics and measure the efficiency of operations. This includes the ability to review and optimize approval times, bottlenecks, and payment terms. With visuals such as dashboards and heat maps, CFOs have clear visibility into daily operations, enabling them to drive results quickly, accurately, and more efficiently.
Further, Accounts Payable Automation Software can assist with driving Treasury and Supplier Initiatives. Automation can facilitate pre-negotiated discounts, and allow users to identify potential discounts, rebates and rewards. By utilizing the Softwares automated payments solutions, organizations may reduce their reliance on manual or paper-based processes. This ?supplier self-service? solution provides an automated digital stub for suppliers, allowing them to securely view their invoices electronically, eliminating the need for manual printing, filing, and storage.
Overall, Accounts Payable Automation Software enables Finance Executives to use their data to drive performance. By taking advantage of the system?s digital capabilities to not only streamline the AP process, but also monetize their data, organizations can maximize their savings and accelerate their return on investment.
