Crash Course in e-Procurement: Streamlining AP
It’s no secret that cloud, SaaS and software trends are motivating more businesses to transform their AP departments into efficient contributors to the bottom line. eInvoicing, in particular, has been making its mark by significantly increasing the speed and accuracy of invoice payment cycles. E-procurement solutions have proved their worth and now executives are taking note of the ways in which they streamline accounting departments:
- Reduced personnel – Leaving tasks that can be automated to advanced software streamlines a workforce as much as it does department workflow, allowing employees to be strategically deployed in areas of need that require human skill and intervention.
- Saved time – Keeping AP personnel from being bogged down by sluggish processing frees them to attend to other tasks. Additionally, timely payment equates to reduced expenditures in cases where early payment discounts apply.
- Outsourcers – Even for companies who are firmly (and happily) ensconced in an outsourced contract, implementation of eInvoicing allows for a coherent operation that easily crosses borders of states, countries or continents. Automation promotes speed and consistency at a global level.
- Improved supplier relations – eInvoicing’s ability to streamline and speed up invoice processing leads to fewer disputes with suppliers over late or missing payments and saves money by capturing early payment discounts.
These are just a few of the proven streamlining capabilities of e-procurement. In our next post, we’ll cover how e-procurement can drastically simplify invoice processing. To find out more, download our new white paper: Why You Should Care Who Processes Your Invoices: Trends in eInvoicing and Sourcing.