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Home » Solutions » By Needs » Accounts Payable |
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Accounts Payable |
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Accounts Payable (AP) is typically one of the most labor intensive, expensive and error-prone back office processes. |
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Accounts Payable departments are under constant pressure to reduce costs, and most of those costs are directly attributed to the manual, inefficient methods of processing that take place throughout the entire accounts payable lifecycle - from distributing invoices of different formats (paper/fax/email) received from various locations, to manually sort/search/retrieve invoices and supporting documents, do manual data entry and invoice routing, tracking discounts and research payment terms. |
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These manual processing methods lead the organization to greater associated costs that results in issues like duplicate payments, lost documents, compliance fines, late fees and more. Therefore, it has become a necessity for every corporate house to automate and optimize accounts payable process more efficiently |
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Our best-in-class accounts payable solution empowers organizations to reduce cost, streamline AP process, improve control and risk management, improve strategic vendor relationship and improve accuracy/timeliness of information. |
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| Benefits for Decision Makers |
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| Benefits for Process Users |
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| Improves communication with vendors |
Starts the processing cycle sooner |
| Automates the invoice processing cycle internally |
Reduces data entry errors and the expense associated with handling billing corrections & payment adjustments |
| Enables more timely decision making |
Enables more timely decision making |
| Customizes and automates business rules |
Creates visibility in the approval chain |
| Provides an ability to easily audit invoice processing and payments to match up document flow with the accounting system |
Provides an ability to automatically route invoices and escalate |
| Helps to manage cash flow |
Lowers the incidence of lost/ delayed invoices and payments within the organization |
| Provides an ability to improve credit rating |
Reduces clerical handling and manual check processing |
| Improves funds utilization |
Provides a means for quick and comprehensive auditing capabilities |
| More control over payments may provide better discounts |
Reduces manually keyed entries through pre-population of data fields |
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