ERP systems play a vital role in the enhancement of a business’s back office functions related to technology, human resources, marketing, manufacturing, finances, and much more. Many companies are realizing that the functionality of these processes can be further enriched by integrating their ERP software with automated (processes and systems largely operated by technology) solutions that specifically focus on areas such as Procurement, Sales Quote Generation, Travel & Expenses, Budgeting, Capital Expenditures and Accounts Payable.
In this post we’re going to focus on the Automation of Accounts Payable.
What Are the Benefits of an AP Automation Solution?
- Eliminating mistakes caused by manually inputted data
- Eliminating inefficient payment methods
- Eliminating the payment of replicated invoices
- Improving supplier relationships
- Mitigating the risk of fraud
- Spotting potential discounts
- Detailed audit trails
What Does ISS Group Offer?
Our goal is to help improve our client’s bottom line by providing solutions that offer benefits, such as:
- Global Process Standardization
- Reduced Process Cycle Time
- Improved Visibility/Tracking
- Implementation of Process Controls
- Elimination of the Paper-Centric Element of Companies
- Improved Workflow Productivity
Through our software, we envision a world where businesses are freed from the restraints that have kept them bound in inefficiency for so long, that’s why we created iVoucher.
iVoucher™ is a hosted Solution that automates the reconciliation process for both PO and non-PO Supplier invoices. The Solution is integrated with QAD ERP out-of-the-box and provides:
- QAD A/P Voucher creation upon invoice approval
- OCR invoice capture and QA service
- Line item ‘pairing and matching’ with QAD PO’s/Receipts
- Configurable rules-based approval routing and workflow
- Payments processing
- Document storage of Invoice and related documents
- Payments analytics
- and more…
Although ERP systems are essential to a business’s back-office processes, it does come with its share of drawbacks, such as:
- Paper-Centric – Using ERP systems alone means that you will be required to file, search, and preserve physical copies of invoices, which can be very difficult. You run the risk of losing or misplacing important paperwork, which could result in late payments and difficulty tracking and resolving invoice-to-payment reporting issues.
- Limited Access – ERP usually assign credentials to each user, and the information each user is allowed to access will be dependent on their role and level within the company. This makes trying to complete tasks a headache as users are forced to send out emails and ask around to try and get the access and information, they need to be productive. This wastes time, energy, and money.
- Limited Visibility – When payments are being made in various ways (i.e., credit cards, checks, and ACH scheduled payments), the charges take time to process. This process affects your ability to gain access to your real-time general ledger balance and forces you to resolve this issue by manually inputting the data (information retrieve from physically checking your bank and credit card statements) into a spreadsheet, which makes it difficult to make financial decisions and accurately report cash flow.
- No Consistent routing and approval Workflow – When invoices are being submitted in a sporadic, inconsistent manner (via fax, email, mail, or hand delivery), the ability to approve and pay invoices in a conscientious, preferred, and timely manner becomes limited due to mishandling/misplacing of documents, your busy schedule and the disorganization of the entire supplier invoice reconciliation and payment process.
If the goal is to increase productivity and efficiency through process automation, establish stronger relationships with suppliers, it’s time to start considering integrating a trusted and proven automated accounts payable solution that works ‘seamlessly’ with your QAD ERP system. We are living in an era where standard ERP systems just won’t suffice. The world around you is dramatically changing.
The days of lost and misplaced paperwork, inefficient processes that cause chaos, and file cabinets so full that you can barely shut them are over. To learn more about our innovative AP Automation solution, contact us today.