When you seek to modernize and digitize your AP department be sure to look for full end-to-end procure to pay automation.
Many software companies advertise themselves as procure to pay process automation, but most of those solutions focus on only one or two steps in the purchase to pay process.
Don’t Settle for a partially automated P2P process!
What Are the Procure to Pay Steps?
In well-run companies, the procure to pay process actually starts well before procurement. But it does end in payment!
Let’s consider each step in the procure to pay process.
- Purchase Requisition – When it’s time to purchase goods or services, someone familiar with the purchase submits a purchase requisition based on the budget and price quotes they’ve received from vendors. Typically the purchase requisition goes through an approval process.
- Purchase Order – After the purchase requisition is approved, the business produces a purchase order that can be provided to the vendor that has been awarded the business.
- PO Confirmation – The seller receives the buyer’s PO and either confirms that the company can fill the order or tells the buyer the order cannot be completed and the PO is cancelled.
- Receiving – Once the order is complete, the order is shipped – or service is provided – and received by the buyer along with an invoice.
- Invoice Processing – The invoice must be entered, approved, and in many cases matched against the PO.
- Payment – Approved invoices are paid.
Automating Each Step of the Procure to Pay Process
Each step of the procure to pay process can be automated for efficiency and cost savings.
In fact, procure to pay automation can make your AP department so efficient that you may never need to hire additional AP staff again.
Avoid Building a Patchwork Procure to Pay Automation Solution
At last check there were hundreds of ‘procure to pay process automation solutions’. But dig a little deeper and you find that a vast majority of these solutions address only one – or up to a few – steps of the procure to pay process.
There are specific eProcurement solutions. PO automation solutions. Receiving automation solutions. Invoice automation solutions. PO matching solutions. And payment automation solutions.
Each of these solutions have found a niche in the purchase to pay automation process. And many are quite good at what they do. And so it’s possible to mix and match these solutions to build a decent end-to-end procure to pay automation solution for your company.
But there are several drawbacks to this approach. First, you’ll need to spend a lot of time making sure that your patchwork of P2P automation solutions fit together and can seamlessly pass data back and forth.
Then you’ll need to work with each vendor to ensure the system is configured correctly.
And any time something goes wrong you’ll need to figure out which solution is responsible. Then work with that provider’s customer service team to fix it.
Look for a Full End-to-End Procure to Pay Automation Solution
A far easier and low-maintenance approach to automating your AP process is a full end-to-end procure to pay automation package.
At CoreIntegrator, we have both out of the box as well as highly customization procure to pay automation solutions that will automate every single step from planning to payment!
And our AP automation is best-in-class and state of the art. Not just for one or two steps. But for every step of the entire procure to pay process. So you don’t have to build a procure to pay automation solution from a patchwork of vendors. You get a single powerful solution that automates every step.
- Purchase Requisition Automation – Automated purchase requisition and approvals.
- Purchase Orders and Confirmation Automation – Purchase orders are automatically generated out of purchase requisitions with built-in PO acceptance automation.
- Receiving Automation – Automated receipt confirmation against an open PO upon delivery of goods or services.
- Invoice Processing Automation – Invoice process automation including CoreIntegrator Verified AP Data Capture Service that delivers near 100% accuracy of invoice data processing, automated 2 way and 3 way PO matching, and easily configurable invoice approval workflows.
- Payment Automation – The ability to automatically make electronic payments by check, ACH or wire transfer. Or why not use virtual credit cards and receive a 1% rebate on every payment you make!?
This complete end-to-end procure to pay automation is supported by our Comprehensive Customer Care Plan.
So there is only one number to call in the unlikely event that you have a problem. And under our customer care plan you’ll not only get ongoing support and upgrades, but ongoing training as well.
At CoreIntegrator we have a fierce commitment to our customers. If you’re not happy… then we’re not happy.
Beyond Procure to Pay Automation
In fact, our workflow engine CoreFlow is so powerful that it can do far more for your company than complete end-to-end procure to pay automation.
We can also automate travel and expense management and payment.
And we can automate your HR department too, including automated:
- Employee on-boarding and off-boarding
- Change notices
- Employee review workflows
- Time off requests
- Employee development tracking.
Take a look at all the processes CoreIntegrator can automate for your business! From procure to pay automation to HR automation and more:
Bottom Line – Full End-to-End Procure to Pay Automation
If done correctly, automating your procure to pay process will save your company thousands of dollars.
But building a patchwork of P2P automation is a recipe for disaster.
Instead, look at CoreIntegrator’s end to end procure to pay automation solutions.
You’ll get best in class AP automation for every step of the P2P process built on 20 years of experience making our customers happy.