As organisations everywhere navigate the changing business landscape, it’s clear that those who embrace technology and have robust digital processes in place are better positioned to adapt and survive. It’s also essential that businesses have oversight of their cashflow, in particular, accurate data about money leaving the business.
Companies are looking for the right cloud-based technology to help reduce costs, streamline staffing, and improve productivity while simultaneously delivering a seamless home/office working experience so that teams can connect and focus on accessing the information they need, wherever and whenever they need it.
Which is why many businesses are choosing to outsource their Invoice Processing and replace a fixed, overhead cost with a small, pay per invoice cost. An outsourced service is like an extension to your accounts team. It uses the latest technology and processes to capture the data from your supplier invoices, check and match it against purchase orders, delivery notes and other relevant documentation, in compliance with your business rules, before rejecting or approving for payment. Your Accounts Payable team are notified of approved invoices so they can pay them or are alerted to problem invoices so they can resolve them. You still have control over all payments to your suppliers and making them more promptly will improve your supplier relationships and can often qualify for a prompt payment discount.
Jack Wright, Sales Director at YourDMS, experts in Document, Data & Business Process Management, has seen the benefits of outsourcing first-hand. “Outsourcing and digitising your invoice processing eliminates human touch points and communication issues, so that wherever your team are based, in the office, at home or a combination of both, it’s quick and easy for them to collaborate, deal with any issues (about 20%) and still pay your suppliers on time.”
YourDMS have worked closely with their technology partner Cumulus Pro, a leader in delivering digital transformation solutions from a cloud-based Business Process Management (BPM) Platform, to develop an intelligent Accounts Payable solution.
The YourDMS and Cumulus Pro platform allows Accounts Payable teams to instantly reap the following benefits:
- Eliminate repetitive manual tasks with automation (e.g. invoice matching)
- Minimise late payment penalties and improve cash flow
- Streamline process through digitisation of the Accounts Payable process
- Improve control and governance
- Instant and secure access to supplier’s invoice information
- Integrations with existing finance systems
- Always use the latest technologies without the hassle of traditional annual software maintenance fees
It’s flexible and scalable, quickly adapting to fluctuations in your invoice volumes so that you only pay for what you need, when you need. As you grow and your invoice volumes increase, you don’t need to increase the size of your team, saving thousands of pounds per year, that you can reinvest in the business. When your team aren’t overwhelmed with tedious, manual tasks, they can focus their time and attention on work that will benefit the bottom line.
Using the YourDMS and Cumulus Pro platform to automate inefficient, manual tasks and remove delays, allows you to transform business processes, improve productivity and start reaping the rewards in days, not months.