Procure-to-Pay (P2P) automation is easier and more efficient when all parties have access to the same information. Relying on manual procurement processes inevitably slows down P2P workflows and leads to errors. While most procurement professionals understand this, the difficulty has long been a lack of a toolset that can makes P2P automation an achievable reality.
Cloud ERP offers a way forward. Solutions like Acumatica use streamlined application integration, workflow automation and AI to efficiently manage vendor requisitions, communications and relevant data for manufacturing and distribution relationships.
Clear Approval Workflow
Acumatica is ideal for small and medium-sized companies that need better control of procure-to-pay processes. This is especially apparent when businesses are faced with time consuming routine tasks. Often, employees responsible for business workflow and correct information are “swimming against the current,” working against themselves due to different “players” collecting and entering data. Acumatica puts a stop to swimming upstream by enabling the procurement team to establish clear, automated approval workflows. Productivity increases as the rate of errors declines. Not having to redo work or backtrack to find mistakes means that there is more time for serving customers and winning new ones.
Greater Supplier Management
Acumatica Cloud ERP streamlines and automates tasks such as vendor bill reconciliation and oversight. You gain tighter control over vendor relationships and data management. You can set up all of your suppliers and their catalogs on the cloud, helping you monitor and leverage the most beneficial vendor relationships. Data reporting from your entire supply chain makes it possible to manage day-to-day relationships and orders.
P2P can be organized on cloud ERP to support your company’s preferred way of doing business. Departments can talk to each other and view identical, relevant information. Any new data input is instantly updated for everyone with approved access to see relevant pieces of the information puzzle. Information stays up to date. Acumatica partners like us consult with companies, suggesting workflow suggestions for a more streamlined collaboration across various departments. The benefit of cloud ERP and its browser-based access is that employees can collaborate using correct information anytime, anywhere and on any device.
Accounts Payable (AP) Automation
AP automation, part of P2P automation, ensures timely, correct payments. Corresponding invoices are matched to purchase orders, which are then matched to the receipt of purchased goods in a three-way match. This approach makes sure that you pay only for what you have ordered and received. And, your staff will spend less time on invoice processing.
Optimal Inventory Management
Precise inventory management with automated P2P will keep operations moving in the right direction. This capability is good for cash flow, as you avoid tying up cash in inventory. Overstocking may also jeopardize the quality of goods, depending on shelf life and other factors. Alternatively, with effective inventory management, you avoid the risk of running out of goods, which can be bad for customer relationships. Acumatica Cloud ERP delivers optimal inventory management through P2P automation by accurately and automatically managing orders and preventing issues like duplicative purchase orders.
With Acumatica cloud ERP, your procurement software lives in the cloud. This approach bolsters your security posture because Acumatica’s data centers are invariably more secure than most customers’ on-premises data centers. Acumatica is thus able to protect sensitive company data hosted on its platform. The company maintains the software and deploys security patches as needed—a source of risk exposure for legacy ERP solutions.
To learn more about Acumatica cloud ERP and its potential to automate P2P, contact us for a demo.