Financial Process Automation (FPA)
Paper is static. Your processes are not.
Accounts payable, purchasing, accounts receivable and other teams within your finance department may have their own functions and goals, but they nevertheless share the same challenge: labor-intensive processes that are slow, difficult to manage, and lack visibility.
Deploying Financial Process Automation to achieve 100% touchless processing is the first and biggest step towards overcoming this problem. Manual processing is not only exceedingly arduous, costing organizations undue time and money, it’s also exceedingly yester-decade.
There are many reasons to begin your journey towards digital transformation. Here are the top five:
Read invoice, enter invoice, check invoice for accuracy, pay invoice. As they say, time is money. Financial Process Automation relieves employees from repetitive and monotonous tasks—time and skills that could otherwise be put to better use, such as securing discounts from vendors. Moreover, insights from a Financial Process Automation solution may also directly impact your organization by highlighting areas in need of improvement, such as cash flow.
Automate entire accounts payable workflows, from invoice capture and data entry to archival processing and remitting payment, all of which will be at your fingertips. For expenditures and exceptions that require individual sign-off, Financial Process Automation solutions will not only expedite the initial accounts payable process, but will also allow you to submit approval online, improving overall user experience.
If you’re digging deep into your trusty file cabinet for an old invoice that you’re certain was filed, it’s time for change. Moving to a Financial Process Automation solution will keep all of your accounts payable documents in neat and tidy order, and it will also create a paper trail that anyone can follow. Track and save every invoice and transaction online, for an accurate digital history should you ever need to present records to anyone, anytime.
Financial Process Automation provides you and your organization greater transparency and governance by putting everything that was once on paper online. Collate data into usable reports, search for specific clients and contractors, and pull only the data you want or need. You’ll be more aware of your day-to-day operations than ever before.
From receiving inbound invoices to submitting payments for review and approval, manual processes are especially prone to errors (galore) due to the sheer number of steps. And, once one error is made, the remaining process fails. Deploying an automation solution for your financial processes streamlines them from start to finish—ensuring data and process integrity remains intact as invoices and documentation pass through a series of checkpoints.