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Procure-to-Pay Best Practices You Don't Want to Miss
What’s the first thing to know about procure-to-pay best practices for your business? Get rid of manual processes. When you rely on manual procure-to-pay strategies, you’re inviting inefficiencies, inaccuracies and high operating costs into your company. With manual procure-to-pay, there’s no positive effect on organizational cash flow and financial supply chain management.
4 Procure-to-Pay Best Practices
In today’s competitive, high-risk financial landscape, a subpar procure-to-pay strategy isn’t going to do your business any favors. Instead of relying on the paper-based methods you’re familiar with, try implementing a few procure-to-pay best practices that will enhance your current strategy:
- Ditch the Paper – Producing paper-based invoices creates major bottlenecks for accounts payable departments. Why? Because they’re more likely to contain information errors and require reprinting. Paper invoices also drive operational costs through the roof. Start delivering invoices and purchase orders electronically to save AP department personnel time and money – and headaches.
- Automate Invoice Dispute Management – The last thing you want to do is spend hours on the phone with suppliers and vendors when disputed invoices arise. An automated dispute management system allows suppliers to submit inquiries through a web portal. Automated dispute management lets you review and settle issues in a quick, simple manner – no lengthy phone calls or damaged working relationships included.
- Use Online Self-Service Portals – Managing the paperwork for hundreds of suppliers and vendors, can get overwhelming. The solution is to implement a web-based self-service portal where suppliers and vendors can securely log into complete necessary documentation. If your organization already uses a web-based system, it’s among procure-to-pay best practices to pick a self-service portal that easily integrates with legacy technology.
- Capture Supplier Discounts – It’s not uncommon for suppliers to offer early payment discounts when you settle invoices before the due date. Take advantage of an automated accounts payable solution that captures early payment discounts, notifying suppliers and vendors once you’ve submitted payment.
Procure-to-Pay Best Practices, All in One Solution
Direct Insite is no stranger to the procure-to-pay best practices that can make a difference to corporate accounts payable departments. So we rolled every must-have into one comprehensive solution.
Meet PAYBOX® AP.
An end-to-end, transformative automated AP platform that improves your visibility into procure-to-pay lifecycles, PAYBOX® AP features:
- Easy integration with legacy ERP and purchasing systems.
- Electronic invoice and purchase order delivery to suppliers and vendors.
- Automated tools for simpler dispute management.
- The ability to capture supplier discounts for early payments.
Don’t wait to implement procure-to-pay best practices. To learn more about PAYBOX® AP or request a free demo, contact us today.