Techiexpert.com
No Result
View All Result
  • Tech
  • Startup
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain
No Result
View All Result
  • Tech
  • Startup
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain
No Result
View All Result
Techiexpert.com
No Result
View All Result

A Guide to Streamlining Accounts Payable: Best Practices for a Smooth Procure-to-Pay Process

Srikanth by Srikanth
June 14, 2023
in Tech news
0
A Guide to Streamlining Accounts Payable: Best Practices for a Smooth Procure-to-Pay Process 1
9
SHARES
132
VIEWS
Share on FacebookShare on Twitter

Over time, the needs and requirements for expansion have increased for businesses and as they grow, their procurement processes get more complex and challenging, which leads to laborious and time-consuming processes. In the same way that simplifying such procedures is essential, upholding compliance with rules and guaranteeing efficient operations is also critical.

This is where procure-to-pay enters the picture as it weaves a pathway for organizations to document their operations, starting from the point of need to the final payment. Its primary goal is to guarantee smooth integration of purchasing, supply chain management, and accounts payable operations, as well as to locate any bottlenecks in the process and provide guidance for traversing it effectively.

Especially when it comes to managing accounts payable, it can become a very challenging task for a business owner considering the restrictive nature of manual account management techniques. As a result, there would lead to delays in processing, improper data entry, and missing bills. However, with the advent of accounts payable automation solution, businesses can now easily streamline their processes, save time, reduce errors and boost cash flow.

Effective methods for optimizing accounts payable

Automate invoice processing: There is no denying the fact that manual data-entry is a time-consuming process prone to errors and inefficiencies. Automating invoice processing would minimize the need for manual data entry, improving the efficiency of the accounts payable process. Additionally, it would make it simpler for companies to keep track of invoices, payments, and unpaid amounts.

Automate electronic payment methods: With digitalization at the core of change in society, electronic payments have become a reality. Traditional payment methods, which include writing and cutting paper cheques, is not only time-consuming and expensive but prone to certain risks as well.

On the other hand, using electronic payment methods eliminates the need for physical cheque writing and mailing while also saving time, and money, eliminating the possibility of late payments, and reducing other security risks. A survey by PWC and the Payments Council of India (PCI) predicts that by 2023, India will account for roughly 2.2% of the global market for digital payments. This data hints at the fact that electronic payments will increasingly replace other payment methods for organizations, improving the accounts payable process entirely.

Improve communication and collaboration: The cornerstone of any successful business deal is communication. Improving vendor relationships and cooperation is therefore critical to ensuring a smooth accounts payable process. In this context, creating a single portal where both parties can communicate is essential. As a result, business data, such as invoices, tax records, and payment information, will be organized in one location, making it simple for business owners to view, modify, and communicate with vendors as necessary. 

Streamlining accounts payable: Key to smooth business operations

A fully automated accounts payable solution aids in reducing the need for tiresome human work, resulting in a quicker and easier payment process. In fact, automation reduces the likelihood of mistakes, double payments, or missed deadlines, giving business owners more visibility into their accounts payable balances and payment schedules and enabling them to make well-informed decisions in regard to their spending and investment. Additionally, it aids in lowering the risk of fraud and ensuring that regulatory standards are well met.

Best practices for a smooth procure-to-pay process

Strengthen supplier relationships: In the end, carrying out effective commercial transactions requires keeping a good relationship with suppliers. Procure-to-pay automation can enhance your relationship with the provider in a number of ways by giving you a centralized platform for communication where you can express your needs to the supplier and receive a solution in return. As a result, organizations will be able to target an easy procure-to-pay process while also benefiting from better supplier relations.

Increase visibility and transparency: Traditional methods lacked the ability to provide businesses with the opportunity to gain better transparency into their cash flows. However, with automated procure-to-pay solutions, organizations can maintain constant control and visibility throughout the entire payment cycle. As a result, it will make it easier for business owners to manage and record all transactions, which will streamline the procure-to-pay process.

Seek uniformity: A critical first step for each company function is to have a precise set of norms and guidelines that are both standardized and documented. Process documentation helps to better simplify the procure-to-pay process by eliminating any ambiguity and variations during implementation.

Smooth procure-to-pay process: path to simplified payments

The procure-to-pay function encompasses a company’s complete purchasing structure. It starts with locating and buying the necessary good or service and finishes with processing the payment for that transaction. Consequently, it is essential for organizations to maintain a smooth procure-to-pay process in order to foster growth and enhance client relationships.

An efficient procure-to-pay process will allow businesses to move more swiftly and react instantly to supply chain disruptions, thereby saving time, releasing resources, and facilitating the approval of new suppliers. Additionally, it will enable organizations to improve visibility across the entirety of their payment cycle and eliminate any human-centric risks or errors.

Get an edge above the rest!

According to a study by Future Market Insights, the global market for pay-to-procure solutions is expected to grow substantially at a CAGR of 7.0%, reaching a value of $ 13,430.4 million by 2023, covering Asia-Pacific regions. This data demonstrates the fact that pay-to-procure solutions are going to become commonplace for businesses. Given the hassle-free nature of the process, it will assist you in escaping from these cumbersome systems by ensuring seamless integration of the accounts payable, supply chain management, and purchasing functions, transforming your procurement process into the adaptable system needed to keep your business competitive and relevant in today’s fast-moving industry.

Contributed by Arun Krishnamoorthy, CMO, Techpanion

Tags: Tech Stories
Share4Tweet2Share1Pin1

Popular this week

  • Renesas Expands IoT Footprint with Sequans Acquisition

    Renesas Expands IoT Footprint with Sequans Acquisition

    3123 shares
    Share 1249 Tweet 781
  • Y2Mate.com 2023: How to Download Videos and Audios

    501 shares
    Share 200 Tweet 125
  • Global Cybersecurity Innovator, Zeron, Secures $500,000 in Seed Funding

    70 shares
    Share 28 Tweet 17
  • Citi’s Token Service Paves the Path for Blockchain Adoption

    66 shares
    Share 26 Tweet 17
  • Top 10 Omegle Alternatives you might like

    416 shares
    Share 166 Tweet 104
  • What is windows modules installer ? How to Enable/Disable

    172 shares
    Share 69 Tweet 43

Popular Sections On Techiexpert

Artificial Intelligence Big Data Blockchain Blogging Cloud Computing Data Analytics How to Internet Of Things Machine Learning Marketing Trends Social Media Startup news Tech news

Latest Stories on Techiexpert

India and Australia Unite for Blockchain and AI Regulatory Strategies

India and Australia Unite for Blockchain and AI Regulatory Strategies
Share4Tweet3Share1Pin1

AI-Generated Book Scandal Hits Amazon, Sparks Outcry from Authors

AI-Generated Book Scandal Hits Amazon, Sparks Outcry from Authors
Share4Tweet3Share1Pin1

WedTech Startup VivaHit Emerges as Game-Changer in Wedding Planning

WedTech Startup VivaHit Emerges as Game-Changer in Wedding Planning
Share4Tweet3Share1Pin1
  • Privacy Policy
  • About Us
  • Contact us
  • Cookie Policy
  • Write For Us

© 2016-2022 All Rights Reserved

No Result
View All Result
  • Tech
  • Startup
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain

© 2016-2022 All Rights Reserved

Cookie Law Notice
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
SAVE & ACCEPT
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.