Many companies today, regardless of size and sophistication, struggle with managing their accounts payable processes. From sorting through paper invoices to entering data into spreadsheets, the manual way of handling accounts payable is inefficient and error-prone. Not to mention resources that are spent on tactical work at the expense of more strategic initiatives.
Automating your accounts payable processes can significantly reduce the need for resources, minimize errors, and enhance overall productivity. SAP Business Network for Procurement enables businesses to streamline their AP processes by digitizing transactions and automating invoice validation with highly configurable business rules
With integration to SAP and non-SAP ERPs, SAP Business Network for Procurement enables companies to achieve the following benefits:
- Improved Efficiency and reduced costs: Automation eliminates the need for manual data entry, reducing the risk of errors and freeing up employees' time for more value-added tasks. Invoices can be processed, matched, and approved with greater speed and accuracy.
- Faster Approval Cycles: With automated workflows, invoices can be routed to the appropriate stakeholders for approval. Business rule validation on SAP Business Network also reduces the need for manual exceptions, expediting the overall approval and payment cycle.
- Business Process Compliance: Compliance with regulatory requirements and internal policies is critical. Automation ensures that invoices go through the required checks and balances, reducing the risk of non-compliance.
- Increased Visibility for internal stakeholders and suppliers: SAP Business Network for Procurement provides real-time visibility into the AP process. This enables businesses to track invoices and monitor approval statuses. Suppliers can access a self-service portal to view invoice and payment status, reducing the number of inquiries into your AP teams
Learn more about improving spend efficiency and automating your accounts payable processes with SAP Business Network for Procurement.
