Invu’s Accounts Payable (AP) solution brings you the three elements necessary for AP success: Visibility, Control and Efficiency:
Visibility into liabilities and operating expenses is the basic requirement for most major functions within an organisation. It is used to give an overall view of operations and establish standards on which to base strategies for performance improvement.
Best-in-class organisations are more likely to have business-level visibility for AP transactions. The rest suffer from higher transaction costs and longer cycle times. Not seeing material liabilities that are not yet entered impact the timing and accuracy when closing accounting periods.
- Low transaction costs
- Shorter processing cycle times
- Decreased financial risk
- Shorter response times – improved productivity by reducing time wasted in low-value activities
- Improved forecasting and management of near-term cash management requirements
- Greater ability to monitor billing discrepancies and overpayments, recognise unclaimed negotiated discounts, contracted payment terms and late penalty fees.
Good audit controls help organisations enforce accounting policies and achieve contract compliance. Audit controls ensure that AP transactions are processed in a way that complies with policies, procedures and regulations. They help reduce late payment fees, capture negotiated discounts, eliminate duplicate invoice payments, and prevent fraudulent payments.
Invu’s AP solution also gives greater control to the Finance department by giving them accurate data to respond to Supplier Invoice queries immediately, as the Invu Workflow software tracks where an invoice is on its approval process through the business.
Automation is a critical foundation to lowering costs and streamlining each of the four AP sub-processes: invoice receipt, approval and inquiry, validation and reconciliation, and settlements. Technology solutions to manage invoices and workflow reduce the inefficiency of manual and paper-based processes.