Effective decision making is a vital element for any business and key to its success. The future of the business landscape is evolving and shifting and is both driving fragmentation and concentration due to omnipresence of technology and its disruptors. Instead of having technology disrupt your business’ workflow, it’s time to embrace it and learn to adapt. Like all departments in organizations, there’s an immense pressure to perform more efficiently and effectively and the accounts payable (AP) department is no different.
The time has come to make that decision in choosing the right AP automation solution for your organization. Automation and improving AP processes is vital in managing cash flows and reducing costs. Financial decision makers not only want to know where money is spent and how it’s allocated, they want to know how to cut costs and focus more energy on high-ticket items without the manual, paper-based processes.
When implementing an eInvoicing or AP automation solution, there are advantages in choosing the correct solution that will provide unquestionable ROI.
- Eliminate data entry
Automation removes the manual keying and entry for the AP staff, leveraging digital invoice capture from any invoice format to feed into the matching engine for truly touchless invoice processing.
- Vendor queries are eliminated
AP departments spend 30% of their time responding to calls from suppliers and their internal staff. A sophisticated AP automation solution can keep suppliers up to date with automated email notifications that update your vendors when their invoices are received, being processed, approved, and sent for payment.
- Capture early payment discounts
An AP automation solution with a robust matching engine will take the data captured from invoice received and compare it against the purchase order, goods receipt and/or contract. Furthermore, invoices can be set up for deviation tolerance rules configured to your business and auto-coding to assign the cost center and apply GL codes, meaning the vast majority of direct spend invoices can be processed with zero human intervention. The best-in-class AP teams have invoice lead times of less than 24 hours.
- Online disputing communication is reduced
The process of deviation management and disputing with suppliers can be an arduous process and slow down your invoice lead time by days, sometimes weeks. AP automation can make highlighting invoices requiring a dispute notice simple and provide an automated dispute template to send to the supplier immediately upon recognition.
- Improved supplier relations
Supplier relations are improved immensely due to their resources (time and money) being saved and being paid on time, every time
By choosing the right eInvoicing solution and provider, your business will not only just save time and money, it will provide a robust powerhouse of financial data that will help your organization respond to the ever-changing market conditions.
LeanSwift, which is an Infor M3 alliance partner, and MediusFlow provide AP invoice automation solutions designed to maximize touchless, processing for Infor M3. For more information, contact us at email@example.com