For today’s enterprises, the operating environment is as complex as it has ever been. Governance, compliance, investor confidence, PR, market price, talent retention, sales, marketing – the list is almost interminably long. Inevitably, it’s a continual process of wrestling with a myriad of competing and sometimes conflicting priorities.
Efficiency is not a panacea, a universal cure, but it goes a long way towards reducing the drag of daily activities, providing more time for agenda items with a higher priority. One of the greatest efficiency breakthroughs that an enterprise can make is in automating the accounts payable (AP) function.
A cornerstone of maximizing the efficiency of an automated accounts payable process is to connect the AP automation system with the purchasing system, which for many large organizations is provided by a cloud Enterprise Resource Planning (ERP) platform.
As part of an ERP system’s broad capability, it serves multiple functions across a business and is often the backbone for enterprise procurement activities, such as issuing purchase orders (POs) and managing vendor relationships. With purchasing activity centralized and under tight control, enterprises have a key lever that helps to ensure adherence to budgets.
By choosing an AP automation solution that supports seamless integration with ERP platforms, enterprises take their AP invoice matching processes to the next-level. Such a solution automates invoice matching without the need for human-powered processes, reconciling invoices with corresponding purchase orders.
Automating receipt and matching leaves Accounts Payable with only the exceptions of managing and delivering supplier invoices to your cloud ERP system, a key step towards Procure-to-Pay (P2P).
Manual invoice matching processes are prone to errors and delays, leading to inefficiencies, harboring the potential for financial losses. A properly designed and implemented invoice automation and ERP integration ensure that invoice data is accurately captured and matched against POs, minimizing discrepancies and the need for manual intervention.
Integrating invoice matching systems with ERP platforms enables real-time synchronization of data, ensuring that invoices are matched against POs with pinpoint accuracy. This integration eliminates the need for manual data entry and reconciliation processes, allowing AP departments to focus their efforts on value-added tasks rather than burdensome administrative activities that invite risk.
Taken at purely face value, the integration of invoice matching systems with ERP platforms leads to significant cost savings and operational efficiencies for enterprises.
By automating manual processes, organizations can reduce labor costs associated with invoice processing and mitigate the risk of errors and late payments. However, there’s much more to the Cost/Value analysis than simply eliminating manual matching.
Through leveraging AP automation and ERP integration, enterprises gain enhanced visibility and control over their financial operations. Finance teams track the status of invoices in real-time, from receipt to payment. The metadata generated as the process runs powers analytics and provides valuable insight.
This heightened visibility enables proactive decision-making, as stakeholders have access to up-to-date information regarding invoicing and payment cycles and behaviors. Furthermore, ERP integration significantly reduces risk. By providing audit trails and compliance measures, enterprises are better able to adhere to regulatory requirements and internal policies.
Additionally, streamlined workflows result in faster invoice approvals and payments, enabling organizations to capture early payment discounts and negotiate favorable terms with vendors. Overall, integrating invoice matching with ERP optimizes AP processes while driving cost savings. In terms of the wider remit of the finance function, the improved timeliness of payments enables better cash flow and working capital management.
For many enterprises, the adoption and integration of invoice matching with ERP represents a definitive step in the development of P2P. APMatching integrates with the most widely used ERP systems in use today, including Oracle, SAP, NetSuite, Dynamics 365 and Workday. By seamlessly connecting APMatching to these critical systems, enterprises have the opportunity to take invoice matching to the next-level.
See how APMatching accounts payable automation software supports enterprises in their quest to maximize financial performance. Take a personalised demo with one of our representatives, and we’ll show you how the software eliminates tedious, time-consuming manual invoice processing and automates duplicate invoice detection.
If you like what you see, we’ll give you full support so that you can fully evaluate APMatching with a Proof of Concept (PoC), demonstrating how effective it is using your own data.
Book a live demo to see the end-to-end processes on live customers systems and learn how easy it is to try this for free on a Proof of Concept.
Book a Live Demo to see the end-to-end processes on live customers systems and learn how easy it is to try this for free on a Proof of Concept.
