How do you streamline the accounts payable process?
As a senior financial executive, you probably recognise invoice processing as the single most paper-intensive, people-intensive, and error-prone activity remaining within your organisation today. Streamlining your Accounts Payable process presents a clear opportunity to reduce cost while improving both cash management and supplier relationships.
Like many organisations, you likely have some or all of the following challenges:
- High cost of invoice processing (i.e. low invoice/FTE ratio; high cost per invoice).
- Sometimes paying invalid, duplicate, or unsolicited invoices.
- Added cost due to late payment fees and/or missed opportunities for early payment discounts.
- Difficulty effectively managing cash flow and budgets.
- Strained supplier relationships in Accounts Payable.
By gaining a clear understanding of the underlying causes of these issues, and then applying the right tools to address them, you can expect to:
- Significantly reduce the cost of invoice processing by reducing manual handling.
- Ensure proper payment by automating validations, PO matching, and approvals.
- Reduce overall purchase costs by leveraging early payment discounts and avoiding late fees.
- Improve cash management with greater visibility of invoice status.
- Improve budget management by correctly allocating costs and providing better visibility of purchase commitments.
- Strengthen supplier relationships with on-time payment and improved communication.