The past couple of years has moved the organizations to the era of work from home. With the current scattered workforce, passing on papers between office desks is out of the question. Every single process is gone paperless. To ensure business continuity and sustainability organizations have turned towards automation. 80% of firms embark on a change that will make interactions between staff and consumers more rewarding and effortless.
Automation is the single most effective investment for reducing human intervention and controlling systems with trouble-free cognition. Investments in automation have increased in recent years. When a company invests in automation, it can see up to a 40% increase in returns over the next two years.
In this case, taking a holistic approach to all facets of business has become a great need. The procure to pay process will be on the main list to automate since it requires input and collaboration between several departments. Digital procurement increases the overall efficiency of the process and produces reliable data.
Here’s Why You Need P2P Automation
Enhance control measures
A disconnected P2P process can lead to the mismanagement of suppliers. This would slow down the projects. With this unreliable data, your inventory is then poorly managed. For companies looking to cut costs while maximizing the Return on Investment (ROI) of every money spent, strategic planning with automation is the smart move.
Bautomate has a dependable document management system that connects your existing system(as ERP/SAP) making it much easier to keep track of each vendor’s terms and conditions, present potential discounts, and overall performance. Appropriate suppliers are selected based on the data, POs, and terms and conditions.
100% Visibility Across All Stages
Every single transaction is more than just an expenditure, managing it can help you save money and meet your goals for process improvement as well as greater profitability. P2P requires input and collaboration between several departments. Managing cash flow and supplier relationships has always been a serious challenge.
Bautomate helps financial leaders to manage the whole procurement process on one system; it saves employees time by eliminating manual tasks. and it decreases the risk of human errors since the system automatically flags duplicate requests, outstanding invoices without a corresponding PO, and orders for items that are already in inventory. Reducing risks like duplicate invoicing and incorrect payment amounts or recipients.
With our low-code procure to pay automation solution, you’ll be able to track every single transaction at every step of the procurement process. You can identify potential bottlenecks, develop new process flows to handle exceptions such as budget increase requests; Search, collect, and use the information on buying patterns to identify potential process improvements;
Improve Supplier Management
Identify opportunities to negotiate more favorable terms or pricing with a vendor, or create detailed and accurate budgets and financial reports.
Underperforming vendors can be replaced, while those who offer the opportunity for long-term, mutually-beneficial relationships can be prioritized. It’s easy to see real ROI improvements by discussing contracts that offer better terms and conditions and favorable pricing.
Increase Quality and Decrease Fraudulent Moves
The poor quality of the data was seen as the strongest barrier in connecting systems. Along with cash flow risks, invisible spending, and sub-optimal supply chain management challenges you might find scams. You could get better control by automating each step of the P2P process by bautomate with an organization’s existing ERP system, in turn providing an audit trail for every transaction.
Adding centralized automation to your procurement function reduces fraud risk by drawing hard lines between request, approval, and purchasing powers, while also making it difficult for “dark” vendors invoices sent by scammers to enter the system.
ROI Enhancements With Real-time Budget Control
Going paperless saves both time and cost, enabling companies to use employees for more strategic initiatives rather than for repetitive tasks. This is better accomplished by automation. Reducing a company’s exposure to risk is an indirect, yet valuable aspect of ROI enhancement. Procure to pay automation reduces or removes human error, cash flow risks, invisible spending, and sub-optimal supply chain management from your procurement and accounting systems. It also allows you to generate accurate financial reporting documents, along with a fully detailed audit trail, for each transaction in Bautomate. You will also see insights in dashboards for a better view that helps in optimizing for greater goals.
Bautomate’s well-developed procurement solution that includes not just AP automation, but contract management and customizable workflow options will make your financial processes a piece of cake and stay at ease knowing your books are accurate.
Every penny spent is returning more value when you choose Bautomate. Why wait? Book a Free Demo right away
How Does Bautomate’s P2P Automation Look Like
1. Organize Purchase Requisition Approvals
Bautomate’s automated purchase requisition process can save time by letting the managers be notified automatically cutting down “waiting for approval” time. With Automation, requisitions are directed to the right source for quick and easy authorization.
2. Create PO Against Authorized Vendor
Reviewing potential vendors likely assists in long-term value for the company via stability, reliability, and customer service.
3. Streamline Vendor Invoice Processing
Received Invoices from fulfilling vendors are gone through reconciliation. With 2/3 way invoice matching against PO and GRN, all information is verified. The invoice processing is done rightly and intelligently with OCR and ICR reducing the chances of slowdown processes and human errors.
4. Accelerate Payments Processing
Bautomate can integrate into an existing ERP system, so payments can be automatically pushed out to vendors once an invoice is approved by decision-makers.
5. Bookkeeping in Financial Systems
The one right reason to choose us is the recording of financial transactions. The platform allows detailed recording with a dashboard that allows for the electronic capture of all transactions that assists you in supervising your business accounts. This real-time information about the state of your accounts helps you in faster business response times by adapting quickly to any changes that happen to the market or your business.
The procure-to-pay process is how a company obtains the goods and services it requires to conduct business. In addition to connecting your procurement management to your finance department, procure to pay automation takes what used to be a difficult process, squeezing maximum ROI from every transaction to- an affluent opportunity not just for reducing processing costs and reduced payment cycle times, but for higher data-driven strategic planning that builds value at the enterprise level.