Accounts Payable is a critical business process for any enterprise. It impacts and also defines two vital business functions, that of Cash Flow and External Vendor/Supplier Payment Management which are directly attributable to a firm’s profitability. A well organized and robust Accounts Payable process helps organizations boost performance by lowering costs. As a business scales up in terms of volume as well as geographical presence, automation of AP process becomes an imperative. It enhances an organization’s image and credibility by ensuring healthy vendor relations.
The AP Portal helps organizations streamline their AP process and derive the following benefits
- Improve Productivity- The AP Solution improves the overall health of the AP process by ensuring that information delivered to the ERP is relevant and qualitative. Reducing time lost in error rectifications. Moreover physical paper based processes and manual processes are eradicated bring about standardization of process flows
- Improve Visibility- Provide process visibility through active Dashboards, clearing out bottlenecks and enabling faster exception resolution
- Optimizing the use of Cash- Making payments to vendors systematically ensures metric based allocation of cash flow , helping in predicting cash requirements
- Driving value based associations- Since the AP portal ensures timely payments to vendors, AP managers from within the organization are in a better position to negotiate discount terms and better credit terms with suppliers and vendors
- Improve Supplier / Vendor relations- Enabling timely payments and also allowing vendors across geographical locations to interact and keep a status track on their invoice submissions
- Improve Cost efficiencies- By reducing incidents of penalties on late payments. Also by bringing down overhead costs of managing paper and eradicating manual processes. Moreover reducing errors through automation prevents financial penalties as well as loss of corporate reputation
Features of the Accounts Payable Solution
Single Window Digitization
Invoices received whether at a central-back office or at disparate locations can be captured and their processing centralized by transferring their scanned images to a Common Mail Room. Relevant data and information from invoices are extracted, indexed and validated automatically ensuring delivery of accurate information to workflow and ERP systems.
This systematic approach to process vendor payment also brings down processing time and cost, usually lost in manual transfer of documents and data entry.
The AP portal has smart integrations with ERP systems. Newgen is a trusted SAP partner .The portal complements the SAP ERP system as the single source of awareness for AP Managers.
Invoice Processing System
The invoice processing system provides excellent E-Invoicing capability with information on invoices from all vendors / supplier across geographical locations, made accessible via a common platform. Its ability to integrate with SAP provides an effective and optimized invoice processing experience.
Its Vendor Self Service application allows suppliers or vendors to submit invoices over a web server and immediately route them for processing. Through respective secured log-in its vendors / suppliers can track the status of their payments and transactions.
Systematic Flow of Processes
Accounts Payable is a process and content heavy function. The AP Portal uses a robust BPM platform to help AP managers balance multiple complex relationships with suppliers as well as stakeholders within the organization.
Invoice collection, exceptions, resolutions and payments, each of these processes are streamlined. Each process is rule driven and addressed to the appropriate business participants.
Real time Process Monitoring
The AP portal uses a Business Activity Monitor, a tool which allows AP managers to develop 360 degree process performance view. Using the Activity Monitor, managers have access to real time Dashboards which highlights lacunas or bottle-necks within the process which enables timely resolution of issues.