Turning Accounts Payable into Valuable Insights
Making cash flow in any organization starts with financial visibility. Only when you have a clear view of your day-to-day transactions can you optimize your financial operations for efficiency and insights. To do that, you must have a fully automated Accounts Payable (AP) process at the core of your organization.
Future-focused AP teams are discovering that enabling touchless, automated invoice handling can drive powerful efficiencies, shore up compliance, provide clear visibility, and support smarter decision-making for years to come. In the modern digital world, relying on paper-based and manual processes can hinder your AP function and increase risk, particularly when it comes to managing your day-to-day cashflow.
It also means that your teams spend valuable time on tactical tasks such as invoice data entry, investigating errors made on transactions, handling and responding to supplier queries as well as the daily tracking of invoices.
This leaves less time to spend on activities including supplier relationships, spend analysis, and risk mitigation. Accounts payable is core to the financial operations of any organization, and that is the primary reason that optimizing AP through automation is key to competing successfully in a digitized world.
The famous healthcare supplier Mohawk Medbuy implemented Basware’s solution to manage their accounts payable process, travel, and expenses while moving to a shared services model for nine hospital organizations. One of their biggest challenges was to maintain accurate hospital ledgers across multiple integration points.
Basware’s AP automation delivered immediate improvements in efficiency, enabling Mohawk Medbuy to allocate full-time resources to continuous improvement with just a third of the staff. The AP team has been able to use data analytics to measure demonstrable improvements across a range of indicators including processing times, invoice aging and arrival times, e-invoice uptake, and user-level and vendor KPIs.
