You would be hard pressed to find any organization that hasn’t dealt with masses of paperwork and the data behind it (or printed on it). Even though most organizations believe that they’re part of the paperless society, over 60% of all accounting transactions are on paper. Even with the most refined manual processes, dealing with this deluge leaves any company struggling to keep pace with the continued onslaught of paper.
By offering your suppliers and customers the ability to submit or receive invoices electronically, organizations can transform managing paper into a business rule driven process and improve productivity and profitability. Here’s how to do this within your organization:
It begins with a supplier portal, constructed for seamless delivery and conversion of supplier data, thereby eliminating paper forms. With time and cost-consuming inquiries greatly reduced in the process.
- Suppliers log into a web portal, submit invoice data, and receive a confirmation of submission
- Suppliers are promptly notified if data is incomplete or missing
- Suppliers have the flexibility to provide documents in various file formats
Next step, this data is automatically captured, extracted, and delivered to stakeholders in finance and accounting.
- Supplier data is automatically validated and approved based on best practice business rules
- Data capture allows other unique record data that helps validate transactions
- Automatically capturing details such as dates, products, and service descriptions enabling 3-way match to POs from receipts and invoices
Profitability with Analytics
Business data becomes valuable as it’s transformed into actionable business intelligence.
- Addition of analytics platform into the financial picture provides intelligent and customizable dashboards for managing and measuring key performance indicators (KPIs)
- Having accurate and timely data generates visibility into expenditures, collections, and cash flow management
- Data from analytics can be used to develop market strategy and improve operational efficiency and support compliance to audit and regulatory requirements
Being competitive requires evaluation and optimization in all departments of your organization. It can be a daunting undertaking; systems of engagement must integrate with systems of record. An enterprise account payable automation platform makes this transformation example your reality. While investment in e-invoice automation may not be an urgent priority, leaving money (or profit) on the table is the missed opportunity no organization can afford.