Presentation on theme: "Accounts Payable Automation Helping Accounts Payable Manage Risk while Contributing to the Bottom Line."— Presentation transcript:
Accounts Payable Automation Helping Accounts Payable Manage Risk while Contributing to the Bottom Line.
An Inadequate AP Department Introduces a Lot of Costs: Excess Labor: Manual data entry and inefficient AP processes mean countless hours of labor lost on tasks that could be more quickly and accurately performed by a computer. Human Error: Likewise, manual data entry and manipulation are an invitation to mistakes. Duplicate and Late Payments: Not sure if a bill has already been paid? A good AP department tracks all invoice statuses. Expense Reports and Audits: It can take months of labor and guesswork to dig up all the information needed for an audit. Poor controls can allow for expense report abuse. Missed Discounts: Without a way of tracking contract terms, it can be difficult to know when you’re leaving money on the table.
Accounts Payable Can Be a Money Pit. Inefficient, outmoded processes plague modern AP departments, resulting in countless hours of wasted, redundant, or error-prone labor. On top of that, these types of processes often act as impediments to the payment process, making many early payment discounts unattainable. 43% of organizations say they are only able to leverage less than 10% of early payment discounts available to them.
AP Automation Lets Accounts Payable Give Back More Than It Takes. Maximize Straight-Through Processing of PO Invoices: Achieve a straight-through processing rate of 85% or higher. Reduce operating costs and improve the predictability of cash needs. Reduce Spending and Improve Bottom Line: By speeding your transfer to e-invoicing, enabling businesses to work more closely with vendors, and eliminating manual data entry, AP automation provides a wide array of opportunities that save both time and money. Contribute More Value to Your Organization: By streamlining and automating your AP process, you’ll turn accounts payable into a profit center.
59% of organizations want to ensure purchases are made with preferred suppliers 46% of organizations need to improve accuracy and eliminate mismatches and exceptions that lead to blocked invoices 30% of organizations are motivated to make the supplier invoice submission process easier. Why Do Businesses Choose AP Automation?
AP Analytics: A Valuable Tool for CFOs, Controllers, and Procurement Professionals Alike. Another major benefit of AP automation is that it allows for easy, intelligent analysis of accounts payable and its performance. Financial executives need the ability to identify opportunities across the enterprise in real-time and the tools to take action. Controllers and Procurement professionals need to be able to manage payments dynamically and negotiate better terms with their vendors. With these insights, businesses can save millions of dollars creating liquid assets or reducing payables. Prodagio Analytics for AP provides real-time visibility into these opportunities and a real-time linkage between Accounts Payable and Cash Management.
Reduce Invoice Cycle Time Prodagio enables zero-touch processing through a powerful rules engine that eliminates human errors, such as duplicate payments, while increasing the speed and overall efficiency of processing invoices. Once exceptions are flagged by the rules engine, our unique Fixlet technology identifies specific errors on an invoice and walks processors through a resolution using a wizard interface, reducing the risk of errors and fraud. These unique features combine to drastically reduce invoice cycle time and lower cost-per- transaction. Deploy Your Way Prodagio’s AP solutions can be deployed on the cloud or on-premises. Regardless of the option you choose, your organization can take advantage of fully automated invoice capture, processing and analytics to improve AP performance. Additionally, cloud-based Accounts Payable automation enjoys the same level of integration and security as an on-premises installation. Leverage Prodagio’s AP Automation Best Practices Framework Prodagio’s decades of experience and extensive domain expertise allows us to provide our clients with innovative technology and sound advice on configuration, implementation and integration. Our best practices framework for AP Automation empowers clients to define and implement the most efficient processes that extract the greatest value from their technology investment. Enhance Your Existing ERP with Electronic Invoice Automation Prodagio helps you get the most out of your ERP by achieving the level of automation needed to run a lean and efficient AP department. Other AP automation systems may require you to consolidate the automation of invoices under a single ERP system. This can prove difficult for companies running multiple ERPs or with decentralized operations. Prodagio integrates with a variety of ERP systems to create a complete invoice-to-pay solution that includes advanced automation and analytics capabilities. Automate Paper Invoices Every company’s needs are different, which is why Prodagio offers several premier solutions to automate any invoice that you receive, dramatically reducing the cost of processing accounts payable. Front-end scanning and advanced data extraction through OCR technology is available for organizations that receive paper. Transition Faster to E-Invoicing While scanning paper invoices and extracting data from those scans beats file cabinets full of paper, converting to a truly electronic process is even better. The savings from converting to e-invoicing can have significant impact on the company’s bottom line and enable AP to contribute more value to the organization. Prodagio helps companies transition to e-invoicing more quickly by supporting emailed invoice data extraction, EDI, invoice upload and connection to OB10’s industry-leading global supplier network. Empower Vendor Self-Service Prodagio's vendor portal reduces the cost of business operations by allowing your vendors to check the status of invoices, saving time spent by your staff answering simple status questions. Through the vendor portal, Prodagio empowers your vendors to check invoice status 24-hours a day, seven days a week. Gain Visibility across Multiple Systems Prodagio provides real-time dashboards using data from our system and integrated ERPs for visibility into opportunities for savings and process improvements, giving you the ability to make the most informed and advantageous decisions about how to best manage your staff and cash. These easy to understand dashboards allow you to identify process bottlenecks so you can make changes to improve efficiency. These improvements allow you take advantage of available discounts or adjust your Days Payable Outstanding (DPO) for the greatest impact. Transform AP into a Profit Center The automation and intelligence Prodagio’s AP solutions provide deliver more money to your bottom line. The real-time visibility gained into your processes will allow you to take better terms, exploit available discounts and catch duplicate payments before they go out the door. All of this results in an AP department that is no longer a cost center, but one that contributes more to the bottom line than it consumes. The Benefits of Accounts Payable Automation from Prodagio