Manufacturing AP Automation
Manufacturing organizations in need of accelerated invoice processing, automated and streamlined payments, and enhanced security can find a better way to address key challenges with full AP automation.
AP transformation doesn’t have to be complicated.
Here are 3 keys to success:
First, think holistically. Done right, you’ll automate your invoice process AND approval workflows – while also adding a heavy dose of security.
Second, consider the integration with your ERP system – your source of truth for accounting.
And last, consider the importance of vendor adoption. Make sure your partner has a tested process to simplify vendor adoption. Even better, do an audience analysis with your AP automation partner to see how many of your vendors are already in their vendor network.
If you’re used to highly manual AP workflows, sometimes it’s not obvious that you need AP automation. Normal is normal, right?
Here are 5 signs you need to build a business case for AP automation:
1. You’re using paper invoices, manual processing and check payments
2. You have disparate processes for each payment type
3. Your suppliers are unhappy with your payment processes
4. Lack of cashflow visibility
5. You’ve experienced fraud attempts
If any of these sound familiar, the next step is building internal consensus for change.
The majority of challenges faced by Accounts Payable are ultimately about time. There are processes taking too much time and people having too little time. Now is the time to re-claim your time and re-engineer the invoice-to-pay process with Paymode-X.
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