ERP solutions are a life changer. They help with every aspect of running a business, from manufacturing to supply chain management to human resources and financials. They are so comprehensive, people often lean on them for things they aren’t really designed to do, such as workflow management.
While some ERPs do provide a certain degree of automated and shared data reporting, most don’t incorporate any consideration of how that data is created and used. Robust workflow functions are rarely if ever built in. Typically, out-of-the-box workflow features allow enterprise-wide sharing of reports, and that’s about it. It’s also important to remember that any ERP system will require a separate process for dealing with the specific financial documents used in AP and AR, and entering existing data, much of which comes from paper documents.
ERP systems organize the movement of data through your system, but you don’t necessarily have access to that data at any given moment, or the ability to track its progress through the system, which is one of the main advantages of automating AP and AR.
The problems of adding on
Developing your own custom workflow solution is an enormous, time-intensive project that demands a significant level of budget and technical resources. On the other hand, when an ERP provider offers an add-on solution to solve the problem, the customization process is complex and inefficient. Cumbersome multiple log-in procedures make using the combined systems inefficient and frustrating, and multiple systems mean higher maintenance requirements, more need for support, and more upgrade costs in the future.
You also become dependent on the individual technologists who customize your system, for your own upgrades as well as for assuring that future releases of the ERP software will be compatible with your customizations.
In addition, there is always a risk that by combining two systems and removing manual oversight from the process, you are unwittingly exposing yourself to compliance issues or errors.
A cloud-based solution like Paybox gives you the best of both worlds, adding workflow functionality to your ERP, without complicating or adding awkward layers to the system.
8 reasons why cloud-based AP and AR automation complements your ERP system:
1. Configurable and efficient workflow
Your system is customized for your company’s unique needs, and optimized based on best practices
2. Cost reduction
Paybox’s workflow management capabilities make financial processes significantly faster, cheaper and more accurate.
3. Quick, easy startup
Your AP/AR automation is up and running in 90 days, with minimal IT burden. The system is user friendly and easy to learn.
4. Smarter, faster document management
Paybox’s workflow automation uses robotic process automation to route documents according to business logic up to 20 times faster than traditional methods.
5. Full visibility into payment status
Paybox allows you to track progress of payments, and provides robust data and analytics, so you can analyze your purchasing and payment patterns.
6. ERP-agnostic and secure data environment
All data handled in the Paybox workflow is secured at the network, data, application and physical levels, and uploaded and stored seamlessly in your ERP
7. Convenient cloud based storage
Paybox requires no capital investment in hardware or software, and takes only minimal effort on the part of internal IT.
8. Online access from any device
You, your clients and your vendors can access the Paybox portal, for real-time visibility into an account’s status.
Paybox is a single platform for all AP and AR processing functions. It connects seamlessly with your ERP, to improve workflow efficiency and save you time and money, with no cost to your vendors. For more information, contact us at (954) 510-3750