Your organization’s financial close and reporting processes — from closing out subledgers to creating and delivering financial filings to regulatory bodies — are complex and burdensome involving multiple systems, departments, and people.
Your organization works with multiple suppliers and fluctuating prices, which can make sourcing products and cost containment laborious and undependable.
Your organization’s ongoing KYC and KYV initiatives are complex, manually-intensive, and challenging and costly to maintain, which can result in compromised processes and quality checks, ultimately leading to poor customer/vendor relationships or even bad press for your organization.
Your organization has set up an invoice portal, which streamlines e-invoicing and invoice processing but onboarding new vendors and data collection remain manual processes, dragging down overall efficiencies.
The question is not whether you should automate, but why aren’t you automating more?
Considering implementing an AP automation solution to improve your accounting and finance processes? First and foremost, you must decide where your AP automation solution should sit — inside or outside of your ERP.
If you’ve automated your invoice processing, the majority of invoices should either post automatically or enter a workflow. But what happens if you need to manually correct an invoice? This can often be complicated, but it shouldn’t be.
You’ve likely heard the term “e-invoicing” bantered about as the panacea to all life’s problems — or at least account payables’.