The modern financial system is the foundation for organizational success. Technologies such as mobile and intelligent dashboards are being slowly integrated with enterprise resource planning (ERP) solutions. Let’s look at current phases for incorporating automated solution in AP systems and predictions about the industry.
Organizations should standardize the processes with a single enterprise resource planning solution that handles transaction data. Most enterprises have a hosted and subscription-based ERP system in place. This is where the investment and the complexity of the implementation becomes a problem. Going with SaaS-based accounting systems will cut down the overhead costs associated with desktop solutions.
Centralize Invoice Receipt and Processing
Centralizing invoice receipts and processing is a painful process. However, centralizing invoice processing is an easy decision as it reduces the time and eliminates error out of the process. With the centralized process, it is easy and cost-effective to deploy advanced technologies. Around 80 percent of invoices are in paper format and 20 percent are in electronic format. It is anticipated that in the next three to five years, over 50% of enterprises will centralize their receipt management for increased productivity. Technology will continue to evolve in the next three years, thus increasing the percentage of invoices that are processed without human involvement.
AP Review and Approval Process Automation
Automating accounts payable processes will replace paper-based processes by comparing the invoice data with algorithms or rules defined in the system. Invoice approval workflows are different for various suppliers and are completely configurable and customized for each enterprise. Customized approval workflows are more robust, faster to deploy and easy to maintain. The power of the AP solution in the palm of your hand would speed up the participation process and meets the enterprise security standards.
Intelligent Dashboards and Analytics
Dashboards provide real-time status of the processes and help in optimizing the processes. Having tools that automate the processes, escalate issues, and optimize the AP cash flow will help streamline the complete AP cycle. AP solution that generates intelligent dashboards and analytic tools will help you make informed decisions.
Clear and predictable processes that are fast, efficient, and automatically enforce internal controls and reduce errors can help streamline AP processes and adds more value to the business.
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