Are faster cycle times one of your accounts payable department’s objectives for 2019?
If so, IPS can help.
Our digital transformation solutions accelerate the cycle times for PO-based and non-PO based invoices by enabling businesses to receive invoices in any format, from any location. The technology consolidates all invoices into a single platform and automatically extracts supplier, header and line-item data (such as amounts), based on your organization’s business requirements. With this data, invoices can be matched automatically with POs and/or goods or services receipts.
Invoices that require approval (such as non-PO-based invoices) or exceptions handling are automatically routed based on pre-configured business workflows. And our technology ensures that invoices requiring review and approval are always sent to the appropriate person, and tracked along the way. Notifications, alerts and escalation procedures ensure that invoices requiring approval stay on track.
The faster cycles times enabled by IPS digital transformation solutions deliver big benefits:
- No more late-payment penalties
- Fewer supplier inquiries regarding invoice status
- Stronger supplier relationships
- Increased leverage for you at the negotiating table with your suppliers
- Better visibility into your cash and spending
- More early-payment discount opportunities
These are benefits that go beyond what traditional automation delivers.
Learn how IPS can help accelerate your invoice processing cycle times.