The Latest AP and Procure-to-Pay News

How Full Automation Streamlines Exceptions Handling

June 07, 2017

If your accounts payables department is overrun with invoice exceptions, you are not alone.

Resolving exceptions is the top pain point for 41 percent of payables departments1. The cost of these exceptions is staggering.

Exceptions occur for a range of reasons, including:

  • Wrong price
  • Wrong quantity
  • Missing tax amount
  • Missing tax identification number
  • No requester name
  • No contact data
  • No contract and/or purchase order
  • Missing purchase order number


Accounts Payable Automation: A Light in the Darkness

May 31, 2017

Managing cash in a manual or semi-automated payables environment is like shooting in the dark.

  • Key information is not captured
  • Data is not accurate
  • Information is not timely
  • Fragmented systems deliver incomplete data
  • Decision-makers do not have access to key variables


These are some of the reasons that almost half (45.4 percent) of controllers the Institute of Finance and Management (IOFM) surveyed said a lack of visibility into invoices and payables data is the top challenge in their accounts payables department.

 



Want to Save Your Organization $600,000 This Year?

May 25, 2017

Want to help your organization save $600,000 this year? Of course, you do!

The first step is to stop dragging your feet on deploying a fully automated accounts payable system.

Companies that have fully automated accounts payable lower their average invoice processing costs almost 30 percent, according to the Association for Information and Image Management (AIIM).

 



3 Reasons Why Manual AP Workflows Are Wasting Your Time and Money

May 11, 2017

Businesses have a lot riding on their accounts payable processes. Accounts payable inefficiencies negatively impact:

  • Cash management
  • Budgeting
  • Forecasting and reporting
  • Spend management
  • Compliance and security
  • Supplier relationships

With accounts payable having a significant impact on enterprise objectives, it is no surprise that more businesses are thinking more strategically about their accounts payable processes.



6 “Must-Haves” in a Procure-to-Pay Workflow Automation Solution

March 22, 2017

“My management people love it! They like the tracking. They like to be able to see who’s approved it. They like the speed and efficiency of it as well… Nexus is a really great asset to the company.”  Amy Crosby, Accounting Manager, Commerce Real Estate Solution ]

Automating procure-to-pay workflows accelerates cycle times, reduces late-payment penalties, creates more opportunities for early-payment discounts, and strengthens supplier relationships.

At least in theory.