Financial Process Automation not just AP Automation
By now, most people in our industry agree the benefits of automating the accounts payable function in your finance department are substantial and measurable. The same value and benefits automation brings to AP — improved data integrity, greater process efficiency, faster turnaround and total visibility of data and status — likewise extend to all aspects of your finance department
Therefore, the question is not whether you should automate, but why aren’t you automating more?
Financial Process Automation (FPA) uses software to automate core finance-related tasks, enabling finance departments to streamline processes, run more efficiently, and improve communication amongst staff, and between staff, suppliers and customers.
FPA solutions can integrate with any ERP system, making it possible for your team to capture and extract information from any source, automatically route it into an approval workflow, and transfer information into your system of record error-free and with no delays while providing unrestricted visibility of all data.
Here’s how FPA optimizes the purchase-to-pay (P2P), order-to-cash, and record-to-report cycles, and simplifies your accounts payable and sales ordering processes:
The purchase-to-pay (P2P) process involves large numbers of process that occur across an organization and are handled by multiple people. Automating the entire P2P process — from point of order to payment — will dramatically improve efficiency net your organization substantial cost savings.
Incredibly, the majority of sales orders are still paper based. By automating sales order processing, order fulfilment, and payment advice processing, teams can reduce days sales outstanding while processing receivables faster, all while providing staff and customers with up-to-date information on payment status.
Automating financial postings and master data management improves data accuracy and timeliness and increases transparency, ensuring organizations are compliant and able to make better business decisions, while providing better service to customers.
FPA eliminates financial process silos, which is key to improving processes, practices, and communication amongst staff, suppliers and customers. The gains in insight and control will help foster strategic business outcomes.
avvaneo has advocated the benefits of FPA for years, and we’ll be writing a series of blogs on FPA in the coming weeks. Stay tuned to learn more.