In virtual meetings everywhere, C-level executives are likely asking questions about how to better automate and streamline processes that have been revealed to be substandard. One manual, paper-heavy, cumbersome process that should receive attention is accounts payable.
While many departments transitioned to working from home, Accounting is making the weekly or monthly trips to the office to open mail, perform check runs and other manual activities critical to keeping the business running financially.
Accounts payable Invoice automation (APIA) offers clear benefits including the elimination of these manual processes, reducing errors and allowing the accounting professionals to focus on more strategic work. Automation seamlessly creates data that can be mined for trends or behaviors that can be analyzed and acted upon. But APIA is more than just digitizing invoices to eliminate paper.
Recently Gartner published an report entitled “Success With AP Invoice Automation Requires More Than Paper to Digital” that discusses how technology can positively impact the AP process in time, resources and ROI.
The report reveals some of the key challenges organizations face when moving to AP automation, including managing the diverse capabilities of suppliers, struggling with incomplete scopes and a lack of understanding of the root causes of match failures.
The paper offers recommendations for businesses striving to automate their AP processes. A few of the recommendations include, “Increase supplier participation in e-invoicing initiatives by offering multiple ingestion options that match their technical and business capabilities. Improve automated match rates by utilizing accounts payable invoice automation (APIA) solutions with a learning AI-matching engine and smart workflows.”
BuyerQuest’s Procure-to-Pay platform is designed to support the transition beyond digital to an automated environment with high supplier engagement and automatic 2-way and 3-way match.
Read the full Gartner report, “Success With AP Invoice Automation Requires More Than Paper to Digital”
Learn more about BuyerQuest Procure-to-Pay.
Gartner, Success With AP Invoice Automation Requires More Than Paper to Digital, Micky Keck, Kaitlynn Sommers, Balaji Abbabatulla, 1 July 2019