Unlock Operational Performance Efficiencies Through Accounts Payable Automation Software
INVOICE-TO PAY
The realm of accounts payable (AP) operations encompasses the essential, though time-consuming endeavor of accounts payable processing. The process includes review of invoices, matching them with purchase orders, and managing company compliance policies and accounts payable balances. Without automated accounts payable software, this process is cumbersome and costly, absorbing an immense dollar amount annually. Finance executives therefore need an automated accounts payable process that accelerates invoice-to-pay.
Software solutions are available to streamline processes, both lowering costs and enhancing vendor relationships. Drive automation and synchronize invoice processes so that manual methods, like paper documents and emails, are removed. This can be done through configuring business rules to automate accounts payable processes and reducing manual activities. Automation software also improves control of company information, minimizing errors, discrepancies and reducing risk of undetected mistakes.
Companies can increase efficiency and accuracy further through the strategic deployment of accounts payable automation, focusing on increasing straight-through processes and removing manual invoicing steps. CFOs should also consider the potential for scaling across the organization, enlarging approved purchase request limits, and driving processes to wider supplier base of multiple currencies, values, and tax codes.
Robust, integrated accounts payable automation software helps to create an effective network of finance functions, sub-processes, and decision-making capabilities. It accelerates invoice-to-pay timelines, provides better payment visibility, improves executive decision-making capabilities, and translates into cost savings. All this, in turn, creates more value for companiestakeholders.
Organizations can take certain proactive steps to improve operational performance by gaining greater visibility through real-time reporting and analytics. Automated invoicing allows for greater cost control, projecting actual spend on vendors versus purchase commitments, creating headway for strategic supplier discounts. Edaphic insights can be leveraged to optimize performance, such as identifying patterns in invoice trends and supplier types to create forecasting models.
Instituting forced approval processes improves financial control and ensures invoices are reviewed and authorized correctly. Automation eliminates manual processes, cutting down on errors, oversight, and wait times. By controlling and leveraging invoice data, accounting teams can make better decisions, expedite approvals, and ensure timely payment to maintain vendor relationships.
Accounts payable automation software presents CFOs the opportunity to lead operations by embracing technological advances that yield faster results and increase ROI. Accurate accounting pays in spades, and can be achieved with minor effort and cost. Automation simplifies and hastens invoice-to-pay decisions, enabling CFOs to operate more quickly, and more efficiently than before. Adopting an automated accounts payable process should thus be an unequivocal decision for executives.
