As digital advancements continue to change the way people work, new technology is improving processes and making life easier for every system user. It also provides unprecedented cost-cutting and personnel-maximizing opportunities for CFOs. Anyone involved with procurement, accounts payable, or B2B payments will benefit from the integration of new technology.
Direct benefits for indirect procurement
With an integrated solution, the procurement department can see all the company’s approved suppliers, product pricing, and agreed-upon terms. This way, people can spend less time trying to track down suppliers and more time focusing on market changes that can affect pricing and availability of specific products.
The system allows users smooth, uncomplicated access to information. Transactions move faster as POs and manual invoices are automatically converted to digital invoices. Scaling up becomes easy and economical to manage, without adding staff.
A whole new world of AP
For accounts payable, automation means expedited invoice approval, and that means major time savings. It also means efficiency, since there are no paper trails to keep track of. Invoices are either submitted electronically, scanned and converted, or digitized through Inbox’s image capture services.
Documentation is stored and can be archived in the system for several years, and status tracking can be done easily, in real time.
Invoices go straight through to ERP for payment, or you can let Paybox pay your vendors on your behalf. There’s no opportunity for human error.
B2B becomes stress-free.
Making B2B payments with paper checks isn’t just costly and inefficient. It’s also dangerous, because it can slow you down so much that you miss payment deadlines, and fail to catch fraudulent activities.
Electronic payment safeguards against the problems and mistakes that plague manual processes. It also liberates the thinkers in your AP department to play strategic, revenue-producing roles in your organization.
Every day you wait to automate your AP process is another day you may not be reaching your potential bottom line.
With technology continuing to change business as we know it, CFOs have a responsibility to tap into the new possibilities—to upgrade the accuracy, ease and efficiency of their company’s AP processes, while maintaining solid reliability and security.