Your ERP system can't do it all. And its limitations mean staff members have to do slow, error-prone, manual work to process information in disparate forms and from various sources –debilitating your decision-making with process blind spots and straining your customer and vendor relationships.
What is financial process automation (FPA)? FPA solutions work with and within any ERP system to streamline the purchase-to-pay, order-to-cash and record-to-report cycles. By capturing and extracting information from any source, automatically routing it into an approval workflow, and transferring information into your system of record, FPA removes slow, error-prone processes and provides total visibility into data.
By breaking financial process silos, organizations systematically increase collaboration among staff, suppliers and customers, driving strategic business outcomes with complete process control and insights at their fingertips.
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Invoice automation is a natural first foray into process improvements for many organizations, but top performing organizations are 77 percent more likely to use a complete P2P solution. Automating the entire purchase-to-pay process, from purchase requisitions to payment approvals, offer opportunities for major gains in efficiency and cost savings.
With around 86% of sales orders still received non-electronically, processes that incorporate manual tasks make order-to-cash efficiency and A+ customer service nearly impossible. Automating sales order processing, order fulfillment and payment advice processing reduces DSO, accelerates handling of receivables, and gives staff and customers up-to-date information about payment status.
Automating financial postings and master data management ensures data accuracy, timeliness, and transparency so organizations can make better business decisions, have more satisfied customers and ensure regulatory and user compliance.
Streamline end-to-end financial processes and boost productivity, reduce costs and increase data visibility.