Automate Supplier Payments

Managing relationships with suppliers and vendors can be complex and time consuming, especially when it comes to issuing purchase orders, onboarding suppliers, and processing invoices. Delays could negatively impact how a business serves its customers along with its ability to compete.

Payment processing is a key task within the finance department and is vital to ensure the smooth operation of organisations. According to McKinsey & Company 89% of tasks related to placing and receiving orders can be automated, and 93% of the payment processing function can be automated.

How IA can help

Using IA, finance teams can easily verify and extract unstructured data to process vendor invoices faster, and execute purchase order, invoice, and receipt matching with greater precision. A faster, more reliable procure-to-pay cycle can help keep suppliers happy and reduce risk, using IA to complete intensive repetitive tasks quickly and accurately.

Some of the key benefits of automating supplier payments are:

• Faster and more efficient payment processing
• Cost savings compared to traditional payment methods
• Fewer errors, reducing the risk of overpayments and duplicates through PO matching
• Improved relationships with suppliers
• Improved employee experience
• Reduced administrative burden allowing employees can focus on high value tasks

Additionally IA can provide Digital MI from every stage of the automated finance process with complete traceability and the option to effortlessly track via digital dashboarding to meet SLA’s.