Optimizing Operational Performance Through Accounts Payable Automation
PROCURE-TO-PAY PROCESS STEPS
Organizations today are increasingly creating smarter, more efficient environments that improve strategic decision making and ultimately help drive growth. This is particularly true with regards to the procure-to-pay process. Streamlining these steps is possible through the introduction of accounts payable automation software that allows for faster processing and better visibility of data.
For Finance Executives looking for solution, it is critical to consider the software?s features. For example, those associated with invoicing. Automated software should include functionality that identifies relevant information from submitted invoices such as supplier name, amounts and due dates. This reduces data entry times and allows errors to be quickly identified. In addition, such systems should include comprehensive reporting capabilities that allow finance professionals to easily extract and analyze data. This could include analyzing supplier invoice trends and how costs relate to departments.
It is also important to consider the way in which payment methods are integrated with the software. Features such as automated payments and payment variance reporting should be readily available. Automated payments allow human resources to focus on higher-value tasks, while payment variance reports goes long way towards improving financial planning. In an effort to increase operating efficiency and speed, software should also include features that allow payment scheduling and even installment payments.
Aside from the core features mentioned above, C-suite members should be mindful of the software?s ability to interface with other systems. Accounts payable automation software should be able to easily integrate with existing Enterprise Resource Planning (ERP) tools and other financial software. This allows for instant and automated data synchronization that not only eliminates manual entry on both the software?s part and the user?s part. Furthermore, it allows for streamlined processes that further improves operational performance.
Finally, it is important to select an accounts payable automation software that is secure and well established. Such vendors should offer support and history of priority addressing of identified issues. In many instances well-established providers can be expected to have experienced personnel that can provide training as well as tailored solutions to suite businesses specific needs.
For Finance Executives considering an accounts payable automation software, taking into account the core features, modes of payment, interfaces with other systems, and established support are all factors that must be considered. That said, with the right software in place, organizations can enjoy improved efficiency and cost savings that leads to increased operational performance.
