ERP for Accounts Payable: Why You Deserve Better
In the realm of business technology, the great debate still rages, a suite solution versus a best-of-breed solution. Each side of the argument has its merits. For the suite solution side of the argument, having one vendor relationship and one software application to manage and support in terms of maintenance and user training. For the best-in-breed side of the argument, the best functionality, more R&D focus, more in-tune with customer needs, and the functional agility to meet specific and dynamic business requirements. However, in today’s world of ever changing business conditions and market disruptions the benefits of a best-in-breed solution are magnified, especially in the arena of accounts payable. Accounts payable solutions that offer easy integrations, functionality that evolves in step with market dynamics, freedom of choice, and increase financial efficiency win the day over any cloud-based ERP solution. Your company deserves a solution that maximizes the strategic value of accounts payable.
The benefits to accounts payable done right include eliminating the payment of duplicate invoices, eliminating errors caused by manual data input, eliminating suboptimal payment methods, the ability to capture the right discounts, the mitigation of payments fraud risk exposures, clear and detailed audit trails that improve internal controls, improved supplier relationships, transparency and visibility that create a culture of continuous improvement, and more employee focus on value-add activities.
The functionality required to realize all these benefits includes automatic invoice capture, advanced and automated invoice approval routing, mobile device access that allows lets busy executives to review, authorize, or schedule payments—anywhere, anytime, and routes payments directly and securely, with built-in fraud protection. Automatic invoice captures means scanning invoices in bulk, converting paper invoices to searchable PDF documents, automatically extracting invoice header and general ledger-coded line item data with no manual invoice entry, and linking invoice documents with invoice data. Invoice approval routing means routing vendor invoices to specific approvers based on vendor name or other invoice data, customizable workflows mean you use your existing process and the workflows —or make new ones, and rigorous built-in controls and tracking. Mobile device assess means a system that supports single and multiple payment authorizers, keep things secure with segregation of duties and payment limit alerts, and offers two-factor payment verification. An ERP solution simply does not offer this level of functionality.
Accounts payable done right improves productivity across the enterprise, facilitates more valuable supplier relationships, and supports company growth and business agility. An ERP alone is simply not enough for companies to unlock the strategic value of accounts payable. Your company deserve better, a best-in-class accounts payable automation solution, MineralTree.
For more information on how to unlock the strategic value of accounts payable:
- Automating Accounts Payable: What CFO’s Need To Know
- Automation: The Key For Purchase Order To Invoice Matching
- Payment Automation: The Value Of Optimizing Payments