Here are our top 10 recommendations for AP automation:
- Create an end-to-end vision for corporate spend control including linking AP optimisation, Procurement and spend control initiatives to your financial goals.
- Target the cause of maverick spend with controlled processes, up-front coding and commitment checking, authorisation workflow, adhered to supplier agreements, etc.
- Improve cost pipeline visibility: Ensure transaction visibility throughout procurement workflow to drive budget holder responsibility and provide timely access to information
- Streamline the supplier invoice approval process by automating the matching of invoices to orders and receipt information across the request-to-pay process
- Automate the inward paper process including invoice registration, supplier PO details. Scanning physical paper-based invoices (to-process vs to-archive), and self-invoices for particular supplier agreements
- Automate invoice coding that is accurately set early in the purchase cycle e.g. a draft requisition or PO based on who is requesting, what they are buying and department
- Get procurement involved. Work closely with your Procurement team. Increase capacity by adopting best-in-class solutions that integrate seamlessly with your operational systems and provide you with low risk and low cost of ownership.
- Focus on end-user adoption: Allow casual users to easily satisfy their business needs with interfaces designed for the user not just the transaction
- Ensure corporate governance and compliance: Put in place purchasing controls without imposing unnecessary restrictions that will result in employees conducting workarounds
- Enable close collaboration and
trust between Finance and Accounts Payable operations and
ensure seamless integration between operational systems for greater visibility