Process automation can provide myriad benefits for purchasing and accounts payable functions, helping to increase efficiency while reducing cost; from defining requirements through to procuring and implementing the best system to serve their needs.
Many studies have shown that it costs a company between £10 and £75.00 to pay a single invoice using manual processes. The same studies agree that invoice processing automation generally reduces that cost per invoice by 50%–80%.
When invoice transactions are created in an ERP solution with correct information, accounts payable processes are efficient…but this is seldom the case. The steps leading up to posting are often fraught with labour-intensive and error-prone manual tasks.
An ERP solution provides a start-to-finish workflow for automated invoice approval that communicates with master data, the purchase order, and the goods received database – before the invoice is ever posted.
Key features and benefits
- Automatic posting for straight through processing
- Personalized, single point of entry for accessing all AP information
- Automated validation against data
- Automated posting of incoming invoices
- Constant visibility of invoice processing status
- Audit trail of all processes to ensure legislative compliance (such as SOX)
- Works seamlessly with ERP systems, using standard user interfaces
- Reduce AP costs by up to 80%
- Reduce invoice processing time
- Eliminate late fees and incorrectly paid invoices
- Take advantage of supplier discounts for on-time payments
- Assess cash flow more accurately
- Meet regulations and due dates