It is common sense that Cash flow is important because it later becomes payment for things that make your business run.
Cash Flow and External Vendor/Supplier Payment Management are directly attributable to a firm’s profitability. Hence Accounts Payable is a critical business process for any enterprise.
A well organized and robust Accounts Payable process helps organizations boost performance by lowering costs. As a business scales up in terms of volume as well as geographical presence, automation and processing of AP process become imperative. It enhances an organization’s image and credibility by ensuring healthy vendor relations.
Streamline the AP process and derive the following benefits
Improve Productivity– The AP Solution improves the overall health of the AP process by ensuring that information delivered to the ERP is relevant and qualitative. Reducing time lost in error rectifications. Moreover, physical paper based processes and manual processes are eradicated bring about standardization of process flows
Improve Visibility– Provide process visibility through active Dashboards, clearing out bottlenecks and enabling faster exception resolution
Optimizing the use of Cash– Making payments to vendors systematically ensures metric based allocation of cash flow, helping in predicting cash requirements
Driving value based associations– Since the AP portal ensures timely payments to vendors, AP managers from within the organization are in a better position to negotiate discount terms and better credit terms with suppliers and vendors
Improve Supplier / Vendor relations– Enabling timely payments and also allowing vendors across geographical locations to interact and keep a status track on their invoice submissions
Improve Cost efficiencies- By reducing incidents of penalties on late payments. Also by bringing down overhead costs of managing paper and eradicating manual processes. Moreover reducing errors through automation prevents financial penalties as well as loss of corporate reputation