By the ERP circle we’ll mean Enterprise Resource Planning software as well as financial, bookkeeping, warehouse and other accounting systems. The invoice approval system is a separate software product or service dealing with accounts payable process, which is different from accounts receivable one.
Why Invoice Approval Can Be Best Organized Outside the Accounting System
Despite the fact that some up-to-date accounting systems have BPM engines, organizing invoice approval process within such systems cannot be considered a logical step. There are several reasons to implement a separate invoice approval automation solution.
Gartner defines BPaaS (Business Process as a Service) as delivering business tasks performance service based on cloud technologies. BPaaS model is the best solution for a company that needs to automate recurrent key jobs in the absence of specialized employees. Several BPaaS provider customers may use the same service. Payment for such outsourcing is made at a fixed price for a period or upon completion of services.
BPaaS Principal Diagram
Customers cooperate directly with BPaaS providers, who may choose between the two options:
- ordering cloud software, built by a SaaS vendor on the platform and infrastructure that can be either purchased or in-house developed,
- developing their own cloud software based on third-party PaaS or even IaaS solutions.
You’ve finally signed a contract with a customer. Congratulations! But it’s not the time to relax. There is still much work to be done before you see the solution operating properly.
We have put together all the experience that we have, and created an infographic showing how vendor’s emotions change during the implementation process.
The idea of document capture or document scanning has been around for some time, but the ability to capture the data from a document is a more recent development. Manual data entry won’t work in organizations receiving and processing more than 1,000 invoices per month, as it is time consuming, labor intensive, slow and costly. Automating information gathering is by far the preferred option as it is fast, accurate and inexpensive. The speed at which invoice information can be fed into a system can seriously affect cash flows.
Today, data capture technologies are used by a wide range of businesses with differing purposes and levels of complexity. Scanning is often an organization’s first investment in data capture, providing immediate benefits for document archiving and preservation. But for many businesses, scanning is only the first step in a process that yields extraordinary benefits and cost savings down the road.
Look at the benefits of accounts payable automation from AP professional’s perspective with our new illustration.
This post is inspired by the Fusion Expo that we recently took part in.
So you’ve decided to visit an Expo, and you are this rare type of visitor who comes not out of curiosity but for a particular purpose. You’ve read a lot about the event and you do believe it’s a can’t-miss one if you want to find software for your accounts payable process. You arrive at the show, see all these vendors and attendees, and suddenly realize that finding your partner here is going to be a tough task.
Where to start? What can you do to make the most of your expo experience? Here are some very simple yet practical ideas to use.
Expense reporting and accounts payable processing are an integral part of an organization’s financial management and play a critical role in the overall financial system. Consider the following: You implemented an accounts payable automation solution and started to benefit from facilitated and accelerated AP workflow management including invoice capture, validation, processing, approval and analysis. However, your company still uses a manual expense reporting process requiring a lot of time and money on reports creation, submission, verification, approval and reimbursement.
The concept of Agile ECM (Enterprise Content Management) has emerged as a response to the challenges of our time. The promises of an Agile ECM system are: adaptation to a constantly changing business environment; support of new management styles and methods; and, maintaining control, having clarity, and regulating the execution of business processes and their performance. This article briefly examines the premises and structure of Agile ECM and why they are important to your company.
Every company, no matter if it is a small startup or a multinational corporation, faces the same challenge – surviving under heaps of documents and other corporate content. The documents both come from partners, regulators and other external organizations, and are created in the depths of the company. There are plenty of recipes for combatting the hydra of corporate information, but most of them just say, “Do an audit of existing documents, classify documents and compose retention policies”. Sounds good, but such recipes are too common and abstract to be somewhat useful. The main challenge is making up (inventing) your own principles of how to tidy up your documents.