How Accounts Payable Workflow Solutions Help AP Move at the Speed of Business

Business agility is all the rage these days. However, the invoice approval process in most accounts payable (AP) departments is anything but fast.

Most AP departments waste lots of time on manual tasks such as:

• Document routing
• Exceptions resolution
• Filing and retrieving invoices
• Responding to supplier inquiries
• Keying data into an ERP
• Creating Excel reports
• Looking for misplaced documents

Complicating matters, most AP managers have no visibility into their department’s invoice approval processes, making it nearly impossible to ensure operational efficiency and effectiveness.

 

4 Ways Accounts Payable Workflow Solutions Accelerate Invoice Approval

Accounts payable workflow solutions enable invoice approval processes to move at the speed of business.

 

Here are four ways how:

1. Electronic routing

Accounts payable workflow solutions match invoices against purchase order data that resides in an ERP or other system of record. Unmatched invoices route digitally to the appropriate individual based on pre-defined business rules such as the priority of an invoice (e.g. an invoice from a key supplier).  Moreover, accounts payable workflow solutions eliminate the possibility of sending invoices to the wrong individual.  Invoices also cannot become “stuck” in an approval queue.  Approvers are alerted of invoices awaiting their decision.  In addition, approvers also receive reminders to act on an invoice.  Invoices approaching their due date are escalated.

 

2. Automated exceptions resolution

Accounts payable workflow solutions eliminate the weeks of back-and-forth e-mails and phone calls required to resolve exceptions. Any invoices with incomplete or inaccurate data are automatically sent back to the supplier for correction and resubmission.

 

3. Real-time monitoring

Accounts payable workflow solutions provide real-time monitoring of the status of invoices. With this visibility, managers can proactively address bottlenecks, reallocate staff to tasks that require additional resources and avoid missed deadlines.  Plus, an online self-service portal lets suppliers instantly view invoices and payments’ status.

 

4. Seamless integration

Accounts payable workflow solutions integrate with ERP applications and other systems of record, ensuring that information on approved invoices is delivered downstream as quickly as possible. Integrating an accounts payable workflow solution with an ERP or other system of record also provides decision-makers with instant access to all the information related to a supplier or an invoice.  Additionally, data is indexed, cross-referenced and well organized.

 

Accounts payable workflow solutions eliminate the friction in invoice approvals that hold businesses back.

Eliminating friction allows AP departments to avoid late-payment fees, capture more early pay discounts, reduce supplier calls, and get better visibility into their working capital and spending.

 

_________________________________________________________________________________________

Edenred Pay, an Edenred Company, is the global leader in invoice-to-pay automation. Our integrated platform connects businesses with suppliers, ERPs, banks, FinTechs, and payment rails to automate, optimize, and monetize the entire B2B payments lifecycle – from invoice receipt through payment reconciliation. Edenred Pay’s efficient, integrated solutions create a frictionless process and help deliver value to the enterprise by enhancing visibility and monetizing AP.

Visit www.edenredpay.com or contact us to learn more.