In the ever-changing landscape of modern business, organizations are constantly on the lookout for methods to elevate operational efficiency and reduce expenditure. One area for improvement is the Accounts Payable (AP) department, where manual and paper-based processes frequently lead to setbacks, mistakes, and higher operational costs.
Recognizing these obstacles, many organizations are turning to the capabilities of Microsoft SharePoint and Power Platform to automate their AP workflows. By doing so, they aim to not only streamline their operations but also realize tangible cost-saving benefits, ultimately strengthening their bottom line.
The specific challenges faced by organizations in their current Accounts Payable (AP) processes can vary, but some common challenges include:
- Data Inaccuracy: Errors in data entry, coding, or approval can result in inaccurate financial records, which can be costly and lead to compliance issues.
- Document Handling Inefficiencies: Managing paper invoices and documents can result in processing delays, heightened operational expenses, and challenges related to document tracking and storage.
- Invoice Approval Delays: Manual approval workflows can be slow and inefficient, causing delays in processing invoices and making timely payments.
- Late Payments: Manual processes may lead to missed payment deadlines and late fees, impacting relationships with suppliers.
- Lack of Visibility: Limited visibility into the status of invoices and payment data can hinder decision-making and forecasting.
- Compliance and Audit Risks: Manual processes make it challenging to ensure compliance with company policies and regulatory requirements, increasing the risk of audits and penalties.
- High Processing Costs: Manual processes require significant labor, time, and resources, leading to higher processing costs.
Streamline AP processes with an Accounts Payable Automation Solution using Microsoft SharePoint and Power Platform:
- Invoice Capture and Data Extraction: Automatically capture incoming invoices via email and extract data such as invoice numbers, amounts, and due dates.
- Review and Validation: User friendly apps allow users to validate and correct any extracted data if necessary, ensuring accuracy and completeness.
- Automated Approval Workflows: Automatically route invoices to the appropriate department heads and managers based on predefined rules. Approvers receive notifications and can review and approve invoices from any device using Power Apps.
- Document Management: SharePoint acts as the primary hub for document storage. All invoices, purchase orders, and receipts are digitally stored, ensuring easy retrieval and audit compliance.
- Integration: Power Automate facilitates seamless integration with ERP systems, ensuring the seamless transfer of approved invoice data for efficient payment processing within the financial system
- Reporting and Analytics: Power BI integration provides real-time insights into AP performance and enables AP teams to track spending trends, identify cost-saving opportunities, and make data-driven financial decisions.
Implementing an Accounts Payable Automation Solution with Microsoft SharePoint and Power Platform offers many advantages for organizations.
- Improved Efficiency: Significant reduction in invoice processing times, resulting in quicker payments to suppliers.
- Cost Savings: Reduced manual data entry and paper usage leads to substantial cost savings. Late-payment penalties are virtually eliminated.
- Enhanced Accuracy: Automation significantly reduces data entry errors, ensuring accurate financial records.
- Visibility: Real-time tracking and reporting allows for better visibility into the status of invoices and payments, reducing inquiries from vendors.
- Compliance: Automated approval workflows enforce compliance with internal rules and external regulations, reducing the risk of compliance issues.
- Scalability: The solution accommodates increased invoice volumes as the organization grows.
- Faster Decision-Making: Access to data and analytics enables faster and more informed financial decision-making.
An Accounts Payable Automation Solution in Microsoft SharePoint and Power Platform will transform your AP department, leading to increased efficiency, cost savings, improved accuracy, and stronger supplier relationships. Contact us today to get started!