Enhancing Operational Performance With Accounts Payable Automation
Procure To-Pay Vs Source-To-Pay
For Finance Executives seeking to improve operational performance through the use of software for procure-to-pay or source-to-pay processes, accounts payable automation solutions offer an effective and cost-efficient way to modernize and streamline the accounts payable process. By leveraging the capabilities provided by accounts payable automation software, organizations benefit from enhanced accuracy, improved cost savings, and reduced payroll hours to ensure optimum operational effectiveness and performance.
One of the primary goals for any finance executive embarking on technology-driven accounts payable automation project is to improve end-to-end efficiency. Strategic investments in Softwaresolutions can result in significant savings in processing time and manual labor, allowing staff to focus their efforts elsewhere and eliminating unnecessary delays. Cloud-based solutions, such as procure-to-pay packages, provide an opportunity to automate entire departments at once, with the potential to reduce up to 90 percent of procurement and supply chain management activities. This automated approach allows for increased visibility into current inventory and helps prevent errors caused by manual entry, resulting in improved accuracy and cost savings.
In addition, using an accounts payable automation solution designed to enable robust source-to-pay processes will enable more efficient vendor and supplier management and enable more efficient online invoice processing and tracking. This can include automating the management of contract and PO information, supplier onboarding and performance tracking, as well as providing documents for electronic invoice processing to ensure compliance with corporate or governmental regulations. Automated source-to-pay processes support an organizations financial planning by automating the management of invoice data and providing up-to-date information concerning supplier and vendor records and invoices.
For organizations searching for solutions to improve operational performance, accounts payable automation software packages are an efficient, cost-effective way to free up staff time, ensure accuracy and compliance, and reduce material costs. By transitioning existing processes to cloud-based solutions, and enabling more robust source-to-pay processes, Finance Executives are able to leverage new technology to streamline and automate accounts payable processes, achieving enhanced functionality and increased savings in their operations.
