Most top performing companies have streamlined their accounts payable function to the point of automation. Outside of the substantial cost savings that can be achieved, organisation of the accounts payable process and in particular of supplier invoices, brings a myriad of benefits to an organisation.
To ERP, or not to ERP? That is the question.
Some ERP’s are so vast, it begs the question, is it really efficient to go for a one ERP fits all scenario, how efficient is it to have invoice processing integration? On the downside, it can be costly and take time. Secondly, unless you are using a bespoke system, then you will be using a system that is not tailored specifically to your needs; it is for a general population, which is not generally what an individual organisation wants. Thirdly ERP dependence can lead to ERP overload. ERP integration also still means that there is a heavy data burden which must be met. However, the advantages to automating and integrating invoice processing into an ERP substantially outweigh any negative factors.
Key benefits typically seen include;
- The elimination of labour intensive paper auditing.
- Elimination of duplicates.
- Prompt invoice processing and reimbursement periods.
- Greater visibility.
- Real time reporting.
- Set payment cycles.
- Cross functional collaboration between all stakeholders, e.g. Finance, AP, etc.
- Cost reductions on human resources.
- Greater control.
Accounts payable costs money and takes time. When the process is automated, costs drop, while processing times are reduced. An end to end solution provides a best in class workflow. Several factors should be observed when choosing a supplier including knowledge, flexibility to customise, ease of integration, administrative support, and reporting. In order to automate a manual process, the relevant individuals within an organisation will need to set goals and define what it is to be achieved, which means talking to all parties to the AP process. When this has been done and mapped out, an experienced vendor needs to come in and tweak the mapping, ultimately proposing a process for implementation in order meet objectives.
Fexco EMS offer bespoke solutions to all scenarios; seamless, simple, and efficient. Fexco EMS understands, reconciles and captures invoice data for integration with client or end-customer systems, providing optimum works flows for over 20 years.
If you would like to speak to someone at Fexco EMS regarding the services we provide or would like a free trial of our Expense Manager employee expense management software, please contact EMSmgt@fexco.com or visit our website.