In swimming pools across America this summer, children will delight in closing their eyes and searching for a friend or family member based on the sound of their voice and the splashing of water.
While hunting for invoice data is nearly as challenging (without the peeking!), it is not nearly as fun.
In a manual or semi-automated invoice processing environment:
- Key information is not captured
- Data is poorly organized
- Information is not timely
- Systems are not well-integrated
- Decision-makers don’t have access to key variables
Duplicate payments are one consequence of a lack of accounts payable visibility.
It is no wonder that 46 percent of finance executives cite a lack of visibility as their top accounts payable challenge, the Institute of Finance and Management’s (IOFM) research finds.
But it doesn’t have to be this way.
Fully automated accounts payable solutions provide anytime, anywhere visibility into the status of purchase orders, invoices and payments, create a complete audit trail of all invoice processing activities, alert purchasers and managers of any invoices that require attention, track exceptions and errors, facilitate online collaboration between internal stakeholders and suppliers, offer personalized dashboards with operational, financial and spend information, and generate ad hoc reports.
The enhanced visibility provided by a fully automated accounts payable solution helps businesses:
- Proactively manage spend
- Identify operational bottlenecks
- Know when it is best to release cash
- Make better-informed strategic decisions
- Help ensure budget compliance
- Uncover maverick spend more quickly
It is for these reasons that fully automated accounts payable departments have more than four times as much visibility into their overall organizational cash flow as their peers, per Aberdeen Group.
In fact, 41 percent of finance executives surveyed by IOFM identified improved visibility into financial information as the single biggest benefit of accounts payable automation.
Let Nexus show you how to improve visibility into your accounts payable processes.