Today, most organizations are automating Accounts Payable (AP) processes to streamline their financial operations. I wonder what actually is AP automation – and is it really important for every company.
Automating AP processes means approving and paying invoices to reduce paper costs and streamline invoice processes. When companies automate regular processes, they gain efficiencies, reduce overload and improve accuracy. Automating the entire procure – to- pay cycle would help companies control spend from beginning to end.
Let Your Company Control Spend Before It Happens
Spend management is a comprehensive process that brings complete corporate spending under control, including procurement, supply chain management and outsourcing. Once the invoice is approved, AP automation identifies opportunities to expedite the process and smoothens the workflow.
Keys Components of Spend Management include:
This includes vendor contract management, vendor approval and request for quotes. Automating supplier management allows you to cut costs and communications to determine important areas of supplier connections.
Streamline the requisition process and control rogue spending while making it easy for purchasing department to get their job done. You can browse buying catalogs, save selected items to the shopping cart or submit a requisition that can be automatically routed for approval.
Tracking, managing, and routing requests for purchase order creation helps keep purchase order commitments up-to-date and accelerates the procurement process enterprise-wide.
Gaining visibility into the entire requisition process and procurement with real-time GL code validation makes the process easy for your team to make decisions. You can easily track the status of the order by not just items, and vendors but also by budget limitations.
While AP automation is essential for any organization, complementing this with a spend management solution allows for greater efficiencies and cost savings. Centralizing spend management processes will give you unprecedented visibility and maximizes the productivity.