Enterprise resource planning or ERP is in trend now. These software suites can cover a huge area in business operations that previously required an array of different solutions. Therefore, ERP is considered important for smart business execution. ERP can manage financial transactions, but it doesn’t always solve the problems of paper-based AP systems. ERP can offer the best business data archiving solutions, but slow AP can cause issues like late payments, untimely closing, and errors in invoice receipt, review, approval, and so on. Using electronic invoice processing software and automating your AP can take care of the visibility and productivity problems that paper-based automation faces even with ERP to help them out. Let us explore how AP automation can supplement ERP systems and lead businesses to continued success.
AP automation can help you utilize your existing ERP systems. Your business can get a competitive edge without the human error and enjoy a more simplified accounts receivable, accounts payable and payroll functions. Here are a few benefits of using AP automation as ERP independent solutions.
24*7 Access: ERP solution allows businesses to store invoices inside the ERP, but limits its access to only a limited number of employees. On the other hand, AP automation solutions can maximize usability and visibility by letting you configure operation processes and resources while maintaining security. Plus, it offers a plethora of benefits like allowing buyers and managers to check, comment, approve, or reject invoices round-the-clock. Sending notifications when invoices are approved also supports the web-based work flow.
Easy To Use System: ERP has a fairly complex application architecture. So, handling financial processes through ERP interface alone can be a bit challenging for inexperienced employees. However, special features of AP automation like e-invoicing come with web browser based operation environments that employees are familiar with, making things easier to handle.
Maintaining Performance during System Upgrade: Without an AP automation system to support, your finance management can face problems during ERP upgrade. Although updating to a new ERP system is important to leverage the latest technological improvements, slowing down invoice management speed is not the side effect you would prefer to endure. As AP automation follows business processes independently, it can maintain business stability while ERP is going through a modification.
Better Control over Transactions: AP automation features like e-invoicing can present all the relevant information regarding selected invoices for the users to make an informed decision. However, ERP systems fail to offer such benefits. AP automation solutions can list the action history of any invoice that the user selects to inquire. Users can share and receive the extracted data to and from mobile devices and remote staff. These facilities help in developing a better-controlled work flow and financial transaction system.
More Flexible than ERP: AP automation solutions are more flexible and offer results in different formats. However, ERP is generally limited in its scope and work with only a handful of systems. Therefore, your ventures of expanding your business can be better served with AP automation backing you up.
Running a paper-based AP is like trying to fill up your revenue reserve with a couple of holes in it. And although ERP systems are crucial for your business improvement, they cannot be tasked with handling AP on their own. Going for AP automation by implementing electronic invoice processing software can reduce your expenses and supplement the ERP systems with a better operation simplification architecture. So, take the hint and bring changes in your business process that can really improve your chances of winning global clients.