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How to Transform Your Accounts Payable Process [Video]

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.

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SourceDay’s New Approach to AP Automation [Video]

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.

SourceDay Solution

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 by getting in touch with us!

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