How To Combine Purchasing, Invoice, and Payment Automation
You’ve heard about the benefits of AP automation and how it streamlines invoice processing to save time and money. But did you know automation can also help with the processes that come before and after receiving an invoice?
Purchasing automation helps generate sortable, trackable purchase orders that AP automation will match with incoming invoices. And payment automation helps streamline the outgoing payments after you process invoices.
Automating the purchasing process gives you increased control over purchasing. No more unauthorized purchases, inadequate documentation, or inconsistent policies. NextProcess’ Purchase Order Module automatically enforces company policy and stores transaction records.
This software generates POs according to your company’s custom settings. And it stores them in a digital format, which makes the records easy to search and easy to use when you need to match incoming invoices to past purchase orders.
When an invoice arrives in your company’s AP Automation Software, it automatically GL codes invoices and routes them for electronic approval. It then matches PO invoices to purchase orders according to your custom tolerances.
Even though you have less hands-on contact with the invoices, an automated system enables greater control over invoice processing. You can track every event and change, view complete records quickly, and set up custom tolerances for invoice processing. The system also makes sure each invoice gets paid on-time.
More and more companies are outsourcing and/or automating their payment processing. According to the Aberdeen group, the average cost to print and process a single check is $10. Electronic payments cut down on costs like paper, ink, postage, and labor.
The more you can switch over to electronic payments, the more money you’ll save. But different vendors prefer different payment methods. Because of that, you need a flexible system that can handle different types of electronic payments as well as print checks in the most efficient way possible. That’s where NextProcess comes in.
Putting It All Together
In the modern business world, we’re moving away from seeing AP as just about invoice processing. Companies are starting to look for combined AP and payment automation solutions. They’re seeing the benefits of automation and want to take advantage of that throughout the entire process of ordering products, processing invoices, and making payments.
Each NextProcess’ product works great on its own, but they’re also designed to seamlessly work together. We offer the only suite of software with modules to power and simplify your procurement and purchase orders, accounts payable, payment disbursements, travel and expense, and capital project management. You can mix and match as many of these solutions as you want knowing they’re perfectly compatible. Get in touch with us for a demonstration.