Increase the efficiency of your accounts payable process
Streamline invoice management, optimise cash flow, meet critical payment deadlines and improve vendor relationships
For many organisations, managing the Accounts Payable process can be time consuming and cumbersome, draining internal and supplier resources. This is especially the case for larger companies, whose procurement processes can cross international borders and time zones.
Too much time spent on manually driven, labour intensive tasks such as supplier communication, information requests from multiple sources, background research into queries or disputes, responding to requests for invoice status updates – and the list goes on – means not enough time is spent identifying or driving through potential savings and efficiencies.
Furthermore, without an efficient Accounts Payable process, organisations often incur additional and avoidable vendor costs, such as:
- Missing out on supplier discounts for early cash payment.
- Negotiated supplier volume rebates.
Businesses need robust strategies in place to enable Accounts Payable processes that reduce time spent on labour intensive tasks and increase time to optimise cash flow and manage valuable supplier relationships.
Business benefits
Optimise cash flow
- Maximise the opportunity for volume rebates by reducing the number of suppliers goods are procured from.
- Capitalise on early settlement discounts provided by suppliers while simultaneously avoiding late payment fines and improving supply chain relationships through on-time payments.
Increase productivity
- Speed up the Accounts Payable process and shorten the payment cycle by automating invoice processing time and streamlining workflows.
- Effectively manage any invoice volume increases without increasing headcount and redeploy time saved to more strategically important tasks.
Enhance financial reporting
- Provide instant access to real-time, accurate data, ensuring query response time is significantly reduced, and the risk of late payments is minimised.
- Improve visibility through a centralised view of invoices and their status.
SAP invoice management functionality
The core ERP Financial modules have evolved over many versions of SAP. The latest Invoice Management functionality is compatible with all of the various ERP versions. The recent developments have focused on the specific integration and automation of Accounts Payable processes, enhancing cash flow, supplier relations and management, and the overall performance of the Finance department in support of profitable and growing business.
Bluefin Solutions can:
- Review your strategic objectives.
- Review your current business processes.
- Provide an enhanced business solution utilising SAP invoice management for Accounts Payable processes.