In our recent webinar, Colby Young, SourceDay Director of Alliances & Channels and Solutions Engineer Phillip Pavelka, are joined by Synergy Resources’ Executive Vice President of Sales & Marketing Paul Tedford and Business Solutions Account Manager Dawn Fludder, for a conversation on transforming the accounts payable process. Together, SourceDay and Synergy explore how automated 3-way matching for Infor VISUAL ERP can transform the AP processes by reducing costs, increasing transparency on payment updates and increasing business velocity.
As Young explains in the webinar, a significant amount of administrative work in the AP process can be automated. Time-consuming tasks like matching invoices to purchase orders and receipts, chasing down discrepancies and pinging suppliers for updates can all be automated. With these tasks taken care of, finance professionals can instead focus on more strategic activities.
Suppliers always want to know when they’re going to get paid. Giving them the visibility into where their invoices are in the lifecycle process of AP is hugely powerful for them; it makes them happy and eliminates the distraction cost for you of answering their calls and emails asking where their payment is in that process. – Colby Young, SourceDay
SourceDay transforms the manually intensive, error-prone AP process through a full lifecycle automation solution built for the VISUAL environment. Some of the benefits include:
Notification of a new Receipt within VISUAL
Matching against an up-to-date PO and Invoice
Automatic Vouchering within VISUAL
Register to listen to the full webinar and learn how AP automation can have significant benefits for your business’s bottom line.
Have you ever found yourself trying to understand why the price and quantity on an invoice don’t match the purchase order? Mismatched supplier invoices are one of the biggest drains on an organization’s supply chain.
Figuring out why invoices don’t match POs or receipts is extremely time-consuming and frequently requires help from multiple teams to get to the source of the error. Invoice exceptions are so common that they often create a giant backlog for your accounting team to chase down; wasting time and delaying supplier payment.
To get to the bottom of your AP issues, you have to look for errors in the ‘first mile’ of your supply chain. After POs are created, they are submitted to vendors via email. From this point on, communication between the buyer and the vendor is manually recorded or not tracked at all. When changes occur on a PO, those updates are communicated through a combination of emails, phone calls and faxes. Details can easily get lost!
Nearly 88% of manual AP documents have erroneous data-entry occurrences.
The source of discrepancies runs the gamut from incorrect pricing and quantities to PO updates that were never recorded in the ERP system. If your ERP is not updated with correct data, your AP department will, in turn, receive an incorrect invoice.
AP is not the cause of mismatched invoices. It’s just where the problem is discovered. To truly solve the issue, you have to reconsider your manual PO and AP processes and focus on supplier collaboration.
With SourceDay’s SaaS platform, you can digitize every invoice and verify that every order is complete with automatic matching. SourceDay’s AP solution enables automatic vouchering, meaning suppliers know when they’re getting paid and you can take advantage of early payment discounts. The status of every invoice is shown through in a single dashboard so you have complete visibility from when the PO arrives at the loading dock, to when the invoice is matched and completed.
Learn more about how SourceDay dramatically increases order accuracy and the number of matching POs and invoices.
In Forrester’s webinar Direct Procurement’s Digital Transformation, SourceDay’s COO Clint McRee joins Duncan Jones, Principal Analyst at Forrester Research, for a discussion on modernizing and refreshing the procurement process through automation. Jones and McRee cover problems in the standard, i.e. manual, procurement system, issues modern procurement leaders face, and the importance of running a ‘customer-obsessed’ enterprise.
As McRee explains in the webinar, there are gaps in the manual procurement system that cause manufacturers to spend large amounts of time outside of their ERP systems fixing issues. While discussing a solution, Jones expands on the idea of a system that follows the same rules as the employees:
Wouldn’t it be great if you could train software to move a transaction automatically from the transition stage to a supplier…that can create a small number of exceptions that the human beings focus on. Instead of wasting their time rubber-stamping transactions that were perfectly fine, they can spend their time looking at genuine exceptions and spend more time making business decisions.
Duncan Jones, Forrester Research
Automating the PO management system is a step in the right direction towards the ultimate goal of “moving the business from a more tactical or transactional world to a more strategic level of purchasing,” says SourceDay’s McRee. “Getting away from the day to day transactions that can be automated would free up teams to work on strategy.”
Modernizing your supply chain through SourceDay allows for more productive communication between manufacturers and suppliers. It is the first step in closing the gaps in communication and running a more efficient business focused on customers.
We’ve been talking about automating the supply chain for a very long time but it’s been a slow-moving process. Today, more than ever – with the tools that are in the industry, like SourceDay, we have the ability to do that.
Register to learn more about procurement’s digital transformation and the importance of being customer-obsessed in the full webinar!