The holidays are here, and we know you’re busy. And things are likely to get crazier through January as you close the books. Now wouldn’t life be better if all of your invoices arrived electronically, matched to POs and GL coded? Once you get out from under the paper, reach out to us and we’ll make sure the next holiday season isn’t so frantic.
Making sure your accounts payable department is up to snuff during these periods is crucial for maintaining business operation workflows. AP deals with invoice processing, approvals, and the handling of payments. Ensuring these functions are handled in an optimal and efficient manner will help keep your business on track.
Here’s some tips your business can implement during the holiday season to minimize disruption even when you’re staff is on vacation.
The traditional paper-based method of AP has become an archaic way of doing business. As we transition further into the digital age, embracing technology has become a necessity for companies. Implementing electronic billing systems can keep processes running even when staff is out of the office.
Encourage suppliers to send electronic bills to avoid lost or damaged paper invoices. Also, work with vendors to setup online payment options so that you can manage payments from any location.
Communication is a necessary element for any successful business. Create processes that allow individuals to collaborate, share ideas, and provide honest feedback. Keeping everyone on the same page will drastically improve the AP workflow operations, especially when staffing is down during the holidays.
Businesses in all verticals have begun to incorporate the functions of AI into their daily operations. Through predictive analytics and deep learning, companies have begun to utilize AI platforms as a means of improving business efficiencies and increasing profits.
General problems that exist with standard invoicing systems include:
AI-powered solutions can be the driving force to eliminate the efficiencies associated with standard AP processes, especially when staff isn’t around to manage all functions. Implementation of AI can help automate the procure-to-pay space by assisting companies to utilize digital data for seamless workflow operations.
Digitizing workflows can increase the speed, functionality, and efficiency of AP in the procure-to-pay space. AI is allowing for better integration and processing of massive data sets to improve business decision making.
Transcepta’s machine learning invoicing network can help to streamline AP and minimize the need for human assistance. Transcepta gives you true e-invoice processing with nearly 100% accuracy and the highest straight-through processing rates in the industry.
Most invoices can be processed in under 30 minutes from the suppliers’ systems into the customers’ AP systems. If you want to enhance AP workflow operations and improve decision making, Transcepta is the solution for you.
If you’d like more information on how Transcepta can transform your business, contact us today.
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