Businesses are under more pressure than ever to improve visibility into their financial standing. Fifty-eight percent of businesses surveyed by the Institute of Financial Operations (IFO) in 2015 reported higher demand for real-time visibility into their accounts payable department’s financial information. However, manual accounts payable processes are undermining these efforts.
Poor accounts payable visibility makes it hard for businesses to understand the productivity of staff, the effectiveness of business processes, the number of invoices processed or awaiting action for approval or dispute resolution, and the average time it takes to process an invoice.
Making matters worse, poor visibility limits a company’s ability to access the data necessary for audits, supplier inquiries, Key Performance Indicators or budgeting. Moreover, effectively managing spend is difficult in a manual environment because users do not have visibility into purchase order requisitions. The good news is that the solution to better financial visibility is literally within arm’s reach!
Mobile solutions, such as the one available with NexusPayables, provide on-the-go users with readily available information for managing budgets, performing daily tasks, monitoring operational performance, and spotting problems and opportunities as soon as they arise. Information on invoices pending approval and invoices by status is available on a mobile device.
Users can instantly access key data from invoices and purchase requisitions, such as the supplier name, due date and total amount.
The visibility provided by mobile solutions delivers benefits across the financial enterprise:
- CFOs get insights into organizational spend and accounts payable cash flow.
- Controllers can access approval process history and gain peace of mind that purchase order requisitions can be stopped if budget is not available for the purchase.
- Finance managers can see where invoices stand in the process.
- Accounts payable managers get insights into whether an invoice has been received, processed, or paid.
- AP clerks can act on real-time metrics, and have reminders sent to approvers.
- Cost center owners and line of business (LOB) managers get insights into requisitions pending approval.