End-to-End Procure-to-Pay Automation Reduces Inefficiencies and Provides Executives with Improved Data Visibility
New research addresses five components to improve the procure-to-pay cycle.
MCLEAN, VA, July 29, 2015 — Corcentric, a leading provider of Accounts Payable automation and electronic invoicing software, today released its latest sponsored research on improvements to the procure-to-pay cycle. The white paper, “5 Ways Senior Finance Executives are Improving Visibility Across the Procure-to-Pay Cycle”, written by the Institute of Finance and Management (IOFM), addresses the problems of visibility into cash flow and cash management and the inefficiencies of manual processes. It suggests that a comprehensive, end-to-end, procure-to-pay automation solution can reduce purchasing costs by more than 50%.
According to IOFM, the prominent use of paper processes for cash management, including Accounts Payable (AP) and Accounts Receivable, negatively impacts financial visibility for procurement, invoice processing, and payments. This is due to key information not being captured, data being poorly organized, lack of timely information, poor systems integration, and limited access to variables.
An automated solution for improving financial visibility and reducing costs consists of five components: electronic purchase orders, automated invoice processing, electronic invoicing, electronic payments, and ERP integration. The research shows that these combined capabilities improve reporting analytics for a better understanding of overall enterprise spending. There are added benefits of compliance with negotiated contracts and an increase in a competitive advantage.
“Lack of insight into cash management across the procurement lifecycle can have long-term and negative financial impact on an organization,” said Jim Wright, Vice President of Sales, Corcentric. “This new research provides executives with a clear pathway forward to improve efficiency and reduce costs for enterprise spend, allowing for better decision making and regulatory compliance.”
The paper can be downloaded by visiting www.corcentric.com/resources/iofm-5-ways-senior-finance-executives-are-improving-visibility-across-the-procure-to-pay-cycle.
Corcentric, a wholly-owned subsidiary of AmeriQuest Business Services, Inc., provides cloud-based financial process automation solutions that have revolutionized how the world’s largest organizations manage and protect their financial assets. By connecting best practices with deep expertise, Corcentric’s Accounts Payable and Accounts Receivable automation solutions enable organizations to reduce costs, streamline processes, and provide unmatched visibility executives need to make critical business decisions. For more information, visit corcentric.com.