Optimizing Accounts Payable Automation With Software
Po Matching
It is increasingly important for C-Suite executives to pursue operational performance initiatives that optimize financial processes and create efficiency. Accounts payable automation software is an avenue which financial executives can employ to keep up in todays competitive markets. By leveraging Softwaresolutions to automate accounts payable (AP) processes, executives can facilitate discounts, speed growth, improve accuracy and ultimately, save money.
In order to achieve these benefits, organizations should invest in an automated accounts payable solution that offers purpose-built features designed to quicken cycle times, reduce errors and free up AP staff from mundane tasks. The Softwareshould offer PO Matching capabilities, where purchase orders (POs) are automatically validated, account for discrepancies by informing purchasing departments, and provide auditable, web-accessible records for payments. AP professionals will be able to take advantage of early payment discounts, since the automated process eliminates the reconstruction of paper purchase orders and the input of manual supplier records into the ERP.
PO Matching Softwareshould contain of suite of components that ensure timely, accurate payments and result in greater control over the AP process. An intelligent auto-matching engine should automatically match invoices with their corresponding POs and provide alerts when discrepancies arise between an invoice and PO. Executives should look to invest in Softwaresolutions that offer approval routing, with the ability to assign approval processes to the right person, department, or role and have preset approval rules based on predefined parameters. it ishould enable content capture, allowing users to capture and recognize invoice data and automatically update the back-end ERP system with the data. Finally, executives should also be mindful of Softwaresolutions that are cloud based as opposed to on-premise. Having cloud-based systems will reduce implementation times, lower up-front capital costs, and free up AP staff from having to install and upgrade software.
The benefits created from implementing an accounts payable automation Softwaresolution are numerous, with the ultimate goal of reducing both the amount of time and cost associated with payables. Adopting the solution enables organizations to reduce manual errors, speed financial cycles, release staff for more strategic projects, and create improved visibility into the payables process. By leveraging Softwaresolutions that offer optimal PO Matching capabilities, C-Suite executives can ensure maturity of their AP process and drive value within their organization.
All in all, automating accounts payable processes with software opens opportunities for companies to reduce administrative overhead and achieve higher operational performance while still maintaining visibility and compliance. Implemented correctly, accounts payable automation will provide modernized AP process that accounts for the efficient use of time, accuracy of data, and strategic capital arbitrage.
