Finance leaders are increasingly looking to automate their invoice processing and payment (AP) workflow. And the benefits are clear: increased efficiency, better control, faster payment, and greater staff productivity.
But it can be confusing to know how to choose and implement the right technology. One source of confusion is the multitude of terms that are often used for different parts of the P2P (purchase to pay) process, including procurement automation, payments automation, and AP automation. Here’s some information that makes it easier to understand.
- Procurement automation is first step of the P2P process. It automates the buying process and centralizes vendor and product information in one place. These solutions often require long implementations and significant IT involvement.
- Payments automation addresses the final step of the P2P process. It automates the processing and payment of invoices. In a perfect world, the payments automation system communicates with other critical systems, but that is often not the case. Some aspects of the process may be outsourced, meaning you have to reconcile data from disparate systems. And the process may require logging in and out of multiple platforms.
- AP automation offers an end-to-end solution that automates the entire workflow – including all the steps in between procurement and payment. A unified platform provides your finance team with a single source of data, and many solutions integrate automatically with ERP systems such as Sage Intacct.
AP automation allows you to streamline your workflow, increase efficiency, and cut costs. An automated solution eliminates time-consuming manual tasks and significantly speeds up your AP workflow. And with an end-to-end solution, you have one platform with one login.
Sage Intacct works with a wide range of AP automation partners to streamline and automate your AP processing. And MicroAccounting can work with you to integrate your AP automation solution with Sage Intacct. We provide custom integrations so that your systems communicate seamlessly. Want to know more? Call MicroAccounting today at 855.876.3773.