Accounts Payable Automation and Real Time Data
Cloud-based accounts payable automation ensures that accounts payable departments thrive by helping their organization achieve maximum efficiency and productivity. The results of such efficiencies pave the way for improved decision-making and business forecasting. By utilizing enterprise-grade accounts payable automation and real time data, accounts payable departments can level up and take a step into the future of AP.
Online Access
When using cloud-based accounts payable automation, copies of the company’s invoice files are transmitted to a data server, allowing users to access those files via an online portal. Those files can then be accessed from various places around the world—a huge convenience when it comes to the rise in remote work. Additionally, the portal can be accessed using a tablet or smartphone, offering additional convenience and flexibility for all involved in many of the financial departments of a company.
Analytical Reports
Accounts payable automation can be tied directly into analytical/data reports. Through the insight of comprehensive reports, accounts payable can provide projections of operational expenses and more accuracy in forecasting cash flow. Organizations that participate in enterprise-level e-invoicing are more likely to have fully integrated solutions for handling all of their financial needs.
Real Time Data
One of the key components of effective cash management is the availability of real time data. Quality is paramount in data and analytics when making financial decisions, especially when it comes to large businesses. Cloud solutions provide extensive access to invoice information from the moment the invoice is submitted. On top of that, the invoices are stored permanently in the cloud, so that AP can easily access any information, no matter the date.
With real-time dispute resolution capabilities, customer and supplier can communicate directly with each other on an invoice which helps ensure quality invoice information. Their interactions are then stored permanently to the cloud for auditing and other access. These real time interactions save AP dozens of hours of fielding supplier inquiries, so they can pivot their focus to more meaningful work.
Going Green
Another benefit of e-invoicing and accounts payable automation is the green factor. In an age where people are trying to reduce their carbon footprint and make their offices greener to ensure the future of our environment, cloud-based systems can completely eliminate paper use in accounts payable processes.
Leveling Up Means Speeding Up AP
With lower-level processes, communications are delayed not just within accounts payable, but across other departments as well. With enterprise-level AP automation, AP staff and an unlimited number of other appropriate parties across departments can be given user access to the online portal. With accounts payable automation and real time data giving users across departments access to essential accounts payable information, there is never a delay in an organization acquiring the information that it needs from AP.