Speed Up your Invoice Processing, Without the Hassle
Digital Transformation is not optional anymore, it’s mandatory, according to Fernando Barilari, VP Sales and Marketing for SEIDOR USA. With the current situation, organizations in the Public Sector face a distributed environment causing a major challenge in maintaining control and compliance and a positive employee experience. They need to embrace the adoption of automated solutions for better control and visibility even more so in today’s mostly remote workforce. Through automation they’ll gain added control and visibility, especially when it comes to user-driven spend and cash flow, and be able to transform their transforming AP into a hub of useful financial data.
Here are 3 tips to start the automation process that will help streamline your end-to-end AP Invoice Process:
- Centralize how you receive invoices: make sure invoices all arrive in one central location
- Simplify your invoice approval process: map your current processes, identify where the bottlenecks are, and see how you can resolve them
- Streamline your invoice payment process: take advantage of credit cards and digital payments
Centralize How You Receive Invoices
In entities with paper-based invoice processes, invoices can enter the system in a number of ways. Streamline how your organization receives invoices, reduce data entry and save time by considering these top three tips:
Centralize your invoices: make sure invoices all arrive in one central location.
Encourage suppliers to submit invoices electronically: set up an AP-specific email alias to receive all invoices from your suppliers.
Implement machine learning technology: data doesn’t have to always be entered manually anymore so you can put an end to this pain point.
Simplify your Invoice Approval Process
Once an invoice has entered your system, the next step is to get it approved and for many entities this is where the problems and delays start. Simplify and streamline your invoice approval process with these top four tips:
Create management workflows: understand the current picture, map how the processes are managed, identify where the bottlenecks are, and see how you can resolve them
Implement a PO system: Purchase orders make it much easier to spot fraudulent invoices, errors, and mistakes. They’re also a vital step in a robust Procure-to-Pay (P2P) process.
Get a mobile app solution: a mobile app means invoices can be approved on-the-go in a moment
Optimize approvals: implement different threshold levels depending on the value of the invoice to save time
Streamline Your Invoice Payment Process
Payment is the final, yet most crucial, step in the AP invoice process. But if it’s a largely manual-based process, what should be a quick and easy last link in the chain often takes longer than it should. Here our top four tips to streamline your invoice payments:
Take advantage of credit cards and digital payments: this is one of the quickest and easiest changes you can make to save administration time and earn cash back by paying bills on time
Gather data for negotiations: it gives you the insight you need to make more strategic supplier decisions, improve your P2P process, and free up working capital
Create a supplier portal: a supplier portal puts suppliers in control, saving both you and them time
Streamline payments through connected partners: SAP® Concur® works with companies such as VATIT, Taxback International, and TransferMate to enable VAT to be reclaimed automatically without any hassle
Simplify every stage of Invoice Management from request, to approval, to payment with Concur Invoice
Concur Invoice is one of the core SAP Concur products that simplifies every stage of invoice management from request, to approval, to payment allowing government agencies and contractors to more accurately and efficiently capture, manage, and analyze invoices.