How to Improve Visibility by Optimizing your Accounts Payable Process

Posted by Greg Bartels on May 13, 2021 9:53:33 AM
Greg Bartels

Today's increasingly competitive business environment requires fast decision-making.

Optimizing your Accounts Payable Process

 

But manual and semi-automated accounts payable processes undermine decision-making. Paper and e-mails make it difficult for businesses to make smart decisions about their operations and their cash. Additionally, manual and semi-automated processes are costly and inefficient, create headaches for front-line staff, introduce compliance and security risks, and stymie collaboration with suppliers and stakeholders.

 

All this slows businesses down.

Accounts payable automation streamlines and improves decision-making in three ways:

1. Operational visibility: Automated accounts payable solutions provide real-time visibility into the status of critical financial processes. Dashboards display the information managers need to keep operations flowing efficiently and to adapt to changing business conditions. Automation enables organizations to manage electronic queues for accessing work and workload distribution, accelerate dispute management with quicker access to documentation, and eliminate duplicate payments. And automation eases the integration of people and processes for newly acquired businesses and supports global payables business strategy.

2. Alerts and notifications: Delays in invoice approval negatively impact operations, cash flow and supplier management. The automated alerts and notifications provided by automated accounts payable solutions enables users to quickly address workflow bottlenecks and exceptions, make better-informed business decisions and identify areas for improvement.

3. Business Intelligence & Reporting: A lack of visibility into accounts payable information is the top challenge that controllers and CFOs have with their accounts payable department, per the Institute of Finance and Management. And Excel-based reporting provides limited information that is outdated as the reports are completed. Automated accounts payable solutions provide controllers and other senior finance executives with the reporting they need to make decisions regarding operational performance, corporate spend, and outbound cash flow. Executives can gain a more accurate picture of available cash flow, to better inform management decisions.

These capabilities provide the insight into the status of people and processes required to make smart operational and working capital decisions while enhancing efficiency, compliance and security.

Succeeding in today’s turbulent economy requires the agility that comes from informed decision-making. But paper and e-mail processes make it difficult for businesses to reduce costs and improve working capital management, empower worker effectiveness, and drive business agility.

This is the reason more accounts payable departments are optimizing their accounts payable process with cloud-based solutions that combine an online supplier portal, a digital mailroom for receiving any invoice, intelligent data capture with guaranteed accuracy, digital workflows for approvals and exception handling, ERP integration, and business intelligence that enables AP departments to focus on where they are efficient and where they may need to further improve.

Ready to optimize your accounts payable department’s visibility into invoice data?

Contact IPS to speak with one of our automation experts about your needs today!

 

FAQ

What are the benefits of accounts payable processing software?

Why should I use IPS to automate invoice processing?

 

Tags: Invoice Processing, AP Automation, AP Automation Solutions, Accounts Payable Automation