Today, the nature of the AP function has changed from a cost center to value generator. Unfortunately, many AP departments are unable to evolve as they are struggling with outdated technology and manual invoice processing. Streamlining AP workflow and procure-to-pay supply chain will result in better, faster outcomes and empowers both buyers and suppliers.
Invoice automation can drive cost savings through capturing discounts, avoiding penalties, lowering labor costs while accelerating the speed within which AP department can access payable information. Fortunately, invoice solutions are able to integrate with ERP systems to support 2-way and 3-way matching mechanism to resolve exceptions with minimal manual intervention.
Also, robust workflow provides better visibility and allows organizations to capture early payment discounts. Cloud-based accounts payable software solutions give you real-time visibility and secure access to invoices – on any device and from any location.
The AP Journey
To better understand where you are experiencing challenges in AP process, consider the following:
Identify Gaps in Accounts Payable Process
Common gaps arise due to integration challenges, lack of operational visibility into the process and failing to capture supplier discounts.
Choose a Workflow That Address Process Deficiencies
Not aligning the AP system with your business process is another key challenge for businesses. Therefore, you have to take a close look at your business processes and the level of integration that is impacting your operations.
Improve Supplier Relationships
Businesses are looking to provide suppliers with self-service access to track their invoices, payments, and early payment discounts. This provides a better customer experience for suppliers while reducing the supplier costs.
The automated accounts payable solution allows you to capitalize on every discount available while reducing invoice processing cycle time and costs.
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