What is P2P?
P2P, also known as Purchase-to-pay or Procure-to-pay, is the process taken to fulfil a requirement for goods or services. P2P covers the entire process from order through to payment.
What is P2P automation?
P2P automation is the process of improving efficiency by automating manual tasks, speeding the process up and reducing the risk of error.
Why automate P2P?
Remove 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 will 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. All that is required is a simple change of thinking.
There are many benefits which come as a result of implementing P2P automation:
- Immediate decrease in manually intensive tasks;
- Handle invoices by exception, instead of handling them all;
- Reduced document storage requirements;
- Significant improvements in processing time; and
- Enhanced visibility of outstanding invoices and approvals.
“Many finance teams have begun implementing machine and data-based approaches to simplifying and strategising their workflows to improve outcomes and free up resources for strategic action. And from what we can tell, leaders at the top are extremely excited by the possibilities of these tools” – Andrew Hausman, General Manager, Finance Solutions, Dun & Bradstreet.
Want to know more about how automating could benefit your business? Contact us, we’re here to help.
