Last week, industry analyst PayStream Advisors released a report that said 66% of surveyed companies still use paper, manual-based accounts payable processing for requisitioning, invoicing and expense reporting. We did our own informal survey of Dynamics GP customers and found that percentage to be on target.
The report highlights why CFOs need to recognize the failure of ERP systems to deliver easy-to-use business solutions that are readily accessible to all employees. CFOs should lead their team into the future by encouraging them to embrace innovative, cloud purchase-to-pay solutions.
Control, compliance and collaboration are achieved with a modern solution for employees to securely enter, request, approve, process, edit and account for indirect expenses from any device, anywhere. Employees may even enjoy the process!
Read the complete report here: www.ariett.com/download/Indirect-Spend-Report-PayStream-2016.pdf
Key Reasons Your Team Needs a Cloud Purchase-to-Pay Solution:
- Eliminate manual and paper processing: Many of today’s existing ERP systems were designed around manual, paper purchasing and invoice processes and are not only inefficient, but also don’t provide quick insight into spending, making compliance an onerous task. A leading purchase-to-pay solution will eliminate late payments and high processing costs.
- Visibility to spend information: To speed up and ensure accuracy of the purchase-to-pay process, AP and procurement teams should adopt a solution that provides consistent visibility to data and offers electronic PO-receipt-invoice matching, approval and reconciliation. Modern businesses also require procurement solutions with contract tracking for managers to keep tabs on spending at the vendor, contract or project level, instead of at the detail or macro level.
- Cloud solutions provide modern tools for employees: New employees will no longer settle for repetitive, paper-based tasks. The next generation expects automation and user-friendly purchasing tools that can be used from anywhere to collaborate with their team. At a truly tech-savvy company, an employee out in the field can punch out to a preferred supplier’s website and submit a requisition from his phone, and the manager on her tablet can review and approve – all within a few minutes!
- Compliance: Visibility to and pre-approval of spending and budgets help eliminate fraudulent purchases and promote compliance with budgets and company policies.
- Cost-Savings: Gain 10-15% cost-savings on indirect spend through improved vendor management, contract cost tracking, identifying preferred vendors and pre-approving expenses.
- Collaboration: Gain team collaboration across the organization with access to real-time data and the ability to made edits and write comments from anywhere. Such solutions allow accounts payable and procurement departments to work together to streamline business processes.
For Full Story, Please click here: Why GP Customers Need a Cloud Purchase-to-Pay Solution