The Accounts Payable process by far is the most important process in Finance from the point of view of need of controls and compliance, as here it is, where the company’s funds go out. Also the process is multi dimosional and has both internal and external stakeholders, given this reality the transaction have multiple back and forth across stakeholders before it is ready for payment processing. Further if the process is not streamlined, it makes it that much more laborious and tedious besides exposing the organization to potential fraud, control gaps and compliance default situations. The key challenges faced can be summarized as under:
- Non-streamlined processes
- Excessive manual operation
- Persistent vendor issues
- Potential duplicate payment
- Potential fraud
Accounts Payable Platform streamlines the entire process of invoice capture, match, approve and payment. Makes process from beginning to end quick and easy.
Cut your processing time by 75% with Accounts Payable Software.
Benefits of Accounts Payable Platform
Reduced Cycle time
Reduce time for processing invoices.
Lower Turn-around time
Reduction in turn-around time for processing the invoices
Significant drop in cost per invoice processed
regulatory compliance and transparency in Finance
Customer / vendor satisfaction Improvement