Should you automate your Purchase-to-Pay process?
What is finance automation?
Finance automation is the process of improving efficiency by automating manual tasks. This speeds the process up, decreases costs and reduces the risk of error. Automation is achieved by setting up a series of workflows that use technology to trigger pre-defined steps, resulting in a process that doesn’t require human intervention.
Which process could be automated?
By automating Purchase-to-Pay you can reduce the need to invest time and resources into keying in information and matching invoices against purchase orders.
Our systems take best practice compliance to a level far beyond any manual process, with an end-to-end digital audit trail of every step along the way.
It can free up the Account payable resources to perform more value-based tasks by reducing the time spent processing invoices. It also provides management with critical real-time business information to successfully manage their cash and the relationship with key suppliers.
Is it right for you?
There are many benefits which come as a result of implementing finance automation:
- Immediate decrease in manually intensive tasks;
- Handle invoices by exception, instead of handling them all;
- Ensuring greater consistency;
- Reducing the chance of fraud;
- Reduced document storage requirements;
- Significant improvements in processing time; and
- Enhanced visibility of outstanding invoices and approvals.
If you would like to find out more about how finance automation could benefit your business get in touch.