Mobility makes AP Automation work efficiently – for profit
Monday, 11 Jan 2016
Product Marketing Manager
The value of Basware lies in creating fluid financial processes for our customers that can positively affect the bottom line. With what we call ‘Networked Purchase-to-Pay’, businesses can proactively manage spend by deploying procurement solutions and communicating digitally with suppliers. But, what does all of this have to do with mobility?
Accounts Payable solutions open up new working capital opportunities
The ultimate benefit of accounts payable automation is the ability to leverage the gap between when an invoice becomes payable and its due date. The wider the gap is, the more working capital opportunities available. As soon as buyers are ready to pay, they can offer supplier discounts against early payment. Suppliers can, in turn, collect receivable faster, helping their cash flow. These are just some of the working capital management solutions that Basware offers through the Basware Network.
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AP Automation speeds up invoice processing
With regards to the purchase to pay process, anything that typically took days and days of circulation in paper, can now be automated in multiple ways. As soon as an invoice comes in, Basware Purchase-to-Pay can automatically match the invoice with the corresponding requisition. When done properly, this automation radically reduces invoice processing times: from 12.7 days (the global average in larger corporations) to just a few minutes.
Exceptions have to be managed quickly for the best payment performance
The problem is that it is not economically feasible to 100% automate Accounts Payable and Procurement. There will always be some invoices that will not be automatically matched and, therefore, need human intervention. Basware’s P2P solutions – with their new user experience - aim to minimize the time it takes for a person to intervene in the automated process.
With the mobile user experience of Basware Purchase-to-Pay, users can perform their 2-minute invoice processing task as the need arises, after which the systems can continue processing the invoice for payment. This quick task can happen in a corridor using an iPad, or using a phone while waiting for the bus. The more options we give to people to manage how and when they work, the more freedom we give them their work-life balance.
Mobile access to invoice processing speeds up the purchase to pay process
Basware designs their UI with the smallest screen in mind - so you can easily review, approve and reject invoices using even the smallest smartphone. This is particularly useful to cost center managers and project managers who need to review invoices and/or approve them for payment.
Watch this video to see for yourself how quickly and conveniently invoices can be processed on the go.