When businesses expand, their need for managing invoices profitably also grow. Manual processes of managing a large number of invoices will lead to inaccurate data entry, lost or duplicate invoice, and additional delays while invoice automation can save those productive hours and efforts effectively.
Do you know that an efficient invoice processing can have a direct impact on your organization’s working capital management? Automation can help your organization to better manage risks and challenges related to cash management.
Automation and AI is the future of Procure to Pay process
Machine learning enables organizations to analyze spend data and identify patterns to develop better policies. Certainly, technology has always been a key driver for the businesses that demand growth and profitability. With the changing time, digital finance technologies are taking the upper hand in bringing lucrative gains in processes or workflows while businesses are looking out for scalable automation solutions to eliminate manual and paper-dependent procure to pay and accounts payable processes. No doubt about it that procurement and accounts payable are interlinked and won’t be wrong if considered as twins when it comes to streamlining and automating process workflow. The role of technology has drastically evolved with the introduction of Artificial Intelligence (AI) in finance technologies. It is making invoice automation more intelligent as the critical data is integrated and available for greater insight and analysis.
Time to automate is now
In the present era, organizations are witnessing a greater level of global competition and uncertainties which could impact their financial and operational integrity. A lack of cash-flow visibility and manual processes are among the major reasons why businesses are automating Procure to Pay and Accounts Payable processes to amplify growth and reduce costs. Businesses that adopt AP automation can reduce accounts payable and payment costs by up to 60 percent. In fact, according to PayStream Advisors, 82% of organizations reported a noticeable improvement after AP automation implementation.
As per the Ardent Partners’ recent state of ePayables Report 2017, the cost to process a single invoice typically decreases from $15.02 to $2.74, a saving of $12.28 per invoice by automating the entire procure-to-pay and accounts payable processes. This simply means If an organization processes 10,000 invoices per month, that amounts to savings of $1.44 million per annum.
- Finance reporting is simplified: Ease in reporting as finance managers will have a greater degree of visibility and can view or track the status of invoices from anywhere at any time.
- Data can be translated into different formats while ERP integration makes the reconciliation easier and faster: ERP data integration is easy and doable with automation in a very less time without data inaccuracy and duplication of data. OCR automatically exports and matches data in no time at all.
- Time optimization of your staff. Thus, improved productivity: Automation brings speed and agility into your Procure to Pay process and this saves a lot of time of your finance staff which was earlier spent in solving the AP issues. Even, it drastically reduces the invoice approval time and can save up to 75% of the time that was previously spent on approving invoices.
By automating your P2P processes, the system would be automating transactions, managing the flow of information, and routing invoice approvals, while the more advanced aspects would include matching, vendor validation, and alternate approvals. The future of invoice automation is demanding and our solutions are elevating the business processes through advance configurations and with a flexible approach.
Conclusion:
Manual processes to manage invoices might be working for your business at the moment, however, growing organizations are switching to invoice automation solutions to gain quantify results.
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