Procure-to-Pay: There’s an App for That!
Smartphones and tablets are an increasingly popular way for consumers to buy and sell goods. But they’re not alone. Accounts payable departments are getting in on the act.
More accounts payable departments are deploying mobile applications that deliver consumer-style interfaces and easy-to-use functions for automating the procure-to-pay cycle.
Mobile applications enable on-the-go procurement and accounts payable professionals to manage critical tasks such as generating purchase requisitions, approving purchase orders or invoices, or reviewing invoices ready-for-payment, from an airport, a remote office, a meeting, or on the golf course. For instance, mobile applications deliver the information required to make a pay/no-pay decision, including vendor name, invoice amount, invoice date, invoice number, and due date.
Within the next two years, 40 percent of businesses expect to use a smartphone or tablet to approve invoices, according to a survey by the Institute of Financial Operations (IFO).
Mobile applications also provide users with instant access to personalized information, such as the status of an invoice, operational performance, spending against budget, and cash flow.
Managing procure-to-pay tasks on-the-go accelerates cycle times, which reduces late payment penalties, opens the door to more early-payment discounts, and strengthens supplier relationships.
Suppliers benefit from self-service tools providing the status of invoices and payments.
Contact Nexus to learn how we can help your organization reduce costs, speed cycle times and better manage spending by integrating mobile applications into your purchase-to-pay operations.