The Latest AP and Procure-to-Pay News

6 Ways Automation Speeds Invoice Approval and Exceptions Workflows

March 17, 2017

Do you have a need for speed in your accounts payables?

If so, it’s time to automate.

Manual invoice workflows are the polar opposite of fast. They extend the accounts payable cycle, resulting in late-payment penalties, missed early-payment discount opportunities, supplier phone calls and e-mails regarding invoice and payment status, and strained supplier relationships. 

6 Ways Paper Slows Down Invoice Workflows

March 08, 2017

Everywhere you look, business moves faster than ever.

Everywhere, it seems, except in accounts payable.

From receiving an invoice to payment approval, it takes almost half (45 percent) of accounts payable departments between 6 days and 25 days to process a single invoice! (source: the Institute of Financial Operations). Invoices without a purchase order or for non-goods orders — which typically require multiple people to approve — take a particularly long time to process.

Why Senior Management Loves Accounts Payable Automation

March 01, 2017


Selling accounts payable automation to senior management is getting easier.

Why is the boss suddenly more willing to spend money on accounts payable automation?  Lower costs are certainly part of it, and rightfully so.  But of greater importance to senior management, per Aberdeen Group, are strategic benefits that businesses achieve from accounts payable automation:

Why Controllers Love Electronic Invoicing

February 22, 2017

A controller’s primary job responsibilities can be boiled down to three Cs:

  1. Cash management
  2. Control over operations
  3. Compliance

Yet much of the critical information that controllers need to fulfill these responsibilities remains trapped on paper-based invoices, or lately, as e-mail PDF attachments.

Get on the Invoice Approval Fast Track with Automated Invoice Workflows

February 16, 2017

In a perfect world, all invoices would be matched and posted straight-through, without human operator intervention. Unfortunately, accounts payable does not operate in a perfect world. Most accounts payable departments must manually handle most of the invoices they receive.

There are a lot of reasons that invoices must be routed for approval or exceptions handling, including:
• No purchase order number
• Incorrect purchase order number
• Incorrect invoice amount
• Invoice amount exceeds pre-defined limits
• Incorrect number of items
• No purchaser information
• No proof-of-delivery document
• No tax information
• No contract information

All these reasons reinforce the importance of automating invoice workflows.

The workflow technology in solutions such as NexusPayables automates many of the manual steps in the accounts payable process using a set of pre-configured and highly flexible business rules.

For instance, workflow technology automates document-routing for approvals, matching and exceptions management. Business rules can be used to drive straight-through processing, such as in cases where an invoice matches a purchase order and is within pre-defined dollar limits. Workflow technology also can be used to “fast track” invoices that are eligible for early-payment discounts.

Workflow technology is especially effective in the approval routing of non-PO-based invoices to ensure that controls are properly in place.

It is for these reasons that accounts payable professionals identify deploying workflow technology among their top technology priorities, per the Institute of Finance and Management (IOFM).