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Implementing Technology to Reduce Costs (Part 2)

Technology is the driving force behind change but with this comes a wealth of benefits, especially when it comes to AP. In the second part, we are going to look at additional ways in which costs can be reduced using technology, all of which will ensure that AP teams can evolve and keep up to speed with changes.
A person touches a digital screen with gears on it, to symbolise implementing technology to reduce costs

Automating Auditing

Auditing is crucial and your team should be using the right technology that enables them to take a proactive approach to analyse transactions before they move through the Accounts Payable system. With a number of ways in which invoice data is input into finance, this becomes even more critical. Additionally, for those invoices under a certain value and don’t require an additional sign off, they can pass through the system without being checked.

Using analytical tools and advanced reporting, Accounts Payable will have an improved insight into error, compliance problems, duplicate payments and possible fraud. With this information provided through their software solution, it is possible to work with other departments to make improvements.

Electronic Invoices

Paper invoices are becoming a thing of the past, especially with software packages making it possible to reduce the need for them. What this means is that it speeds up the process of approving invoices and processing payments while software will deal with deadlines, tracking and providing notifications. This removes the need for staff to chase up invoices and payments as the software will automate the entire process. All of this will ensure that speed is improved, penalties can be avoided and discounts can be taken advantage of.

Centralised Supplier Systems

When you can collaborate more efficiently and effectively with suppliers, it removes a whole range of issues and this is where a centralised system can really make a difference. Using an online portal, it can help to streamline the process of working with suppliers and improve collaboration at the same time.

Your Accounts Payable team will spend a lot of time dealing with inquiries from suppliers and often, these inquiries related to invoices and payments. With greater flexibility and visibility, suppliers can gain a clearer understanding of the transaction lifecycle and processes through an online portal.

A centralised system will bring with it many different benefits but will give your Accounts Payable team more scope to be productive. They’ll have to handle fewer calls relating to queries around invoices and payments while disputes can be handled more efficiently and effectively.

Invoices that don’t match can be automatically itemised and these can then be reviewed by suppliers who can then link them up to email alerts. Communication will become better and that will help to enhance the relationship with suppliers and management.

How do we implement technology to reduce costs?

For Accounts Payable teams to become more efficient and provide an improved level of service, they have to adopt the latest technology and solutions. This can help to improve relationships and cross-team processes and ensure that invoices and payments are handled with better accuracy and precision, helping to reduce costs at the same time.

 

Did you know that we offer risk management solutions that analyse your transactions for duplicate payments, errors and potential fraud? You can find out more about our risk management platform here.

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