We’ve recently discussed the challenges, analysts’ opinions, and visions of the future for AP automation.
BuyerQuest customers have seen the value of automating accounts payable as part of a broader procure-to-pay strategy and have achieved impressive results transforming their cumbersome, manual accounts payable processes and building intelligent, automated workflows that save time, resources, and money.
One BuyerQuest customer was struggling with the manual processing of the significant number of invoices they received daily. The inefficiency forced most of the accounting team to focus on ensuring all the paper invoices were properly received, tracked, and scheduled for payment. There were often errors that took additional time and resources to research and correct.
By using BuyerQuest, this company was able to dramatically streamline their accounts payable processes. With automated approvals, PO generation, and supplier notification, their suppliers were able to invoice based on the coded purchase, helping to automate the payables process and essentially take the people out of the trivial work.
Eliminating these mundane, non-value add steps in the procurement process allows for more time spent on strategic or customer-focused work. For some customers, the invoice processing cost reduction can be dramatic, 65% in one case.
BuyerQuest offers a comprehensive platform of capabilities that enable accounts payable automation. With electronic document exchange features and effortless 3-way matching for example, businesses can automate their processes and see quantifiable cost reductions. With pre-negotiated products and services that have defined prices, purchase orders flow to suppliers without the need for human intervention.
Suppliers are fully integrated to keep everything updated in BuyerQuest, preventing any downstream issues. Suppliers can also select their preferred invoice creation method and no matter which they choose, the BuyerQuest Platform fully supports them and ensures the invoice is created accurately and efficiently.
Corporate offices are opening back up and people are heading back to the office. As the executives start to review the company’s performance and where improvements can be made, AP automation should be a top priority.
Learn more about BuyerQuest’s broad suite of capabilities to automate the accounts payable process.