AP / AR
Underwriting Under the traditional manual, paper-based invoicing AP and AR business processes are cumbersome, lengthy and extremely inefficient. The interaction between and within AP and AR possesses too many manual steps and handoffs and is therefore primed for delays and inconsistencies. The audit trail into transactions becomes difficult to track and a significant amount of time and money is spent researching information resulting in increased cycle times and loss of prompt pay discounts. Excessive DSO’s, lack of insight into key business processes, and inability to provide excellent customer support are all pain-points within the financial transaction process.
Today, with the pressure of accountability, executive management needs to improve financial systems to provide timely accurate financial information. A holistic approach to the process has the opportunity to drive many benefits and the advantages of taking the joint A/R and A/P business process to an electronic construct are greater and needed more than ever today.
Benefits:
Invoicing Party (AR)
Receiving Entity (AP)
Invoices are presented electronically
No mail float delays, ensures timely delivery and receipt
Eliminates print, reprints, and print mail costs
Improved customer service
Ability to respond quickly to invoice disputes through online notification
Improves cash flow forecasting
Reduce days of sales outstanding
By helping your customer accelerate the invoice processing cycle
Visibility into invoice status- Ability to track the status of the invoice throughout the process
Reduces the time it takes to process an invoice
Eliminate data entry and data entry errors
Invoices can be matched and approved online
Disputes can be settled quickly and efficiently online
Research time cut down significantly
Shorter processing cycle means early payment discounts can be taken
Ability to negotiate better trade terms
Credit risk is protected
Late payment fees eliminated
Improve audit & controls