The accounts payable process or function is vastly important since it involves nearly all of a company’s payments outside of payroll. Regardless of the company’s size, the mission of accounts payable is to pay only the company’s bills and invoices that are authentic and accurate.

In order to safeguard company’s cash and other valuable assets, the accounts payable process should have strong internal controls. A few reasons for internal controls are to:

  • avoid paying a fraudulent invoice
  • avoid paying an inaccurate invoice
  • avoid paying a vendor invoice twice
  • ensure all vendor invoices are accounted for
  • accurate reporting to various stakeholders

 

Departments like accounting and human resources which generally are information intensive, typically generate a huge amount of data in terms of records throughout their daily processes. Invoices and expense approvals, vendor payments, etc. generate paperwork that requires human intervention in the form of approvals at each interval of the process. With that said, Accounts Payable (AP) automation enables you to classify, and index paper documents as well as electronic invoices. Processors, approvers, and managers save time and improve accuracy with tools such as queue-based workflow and automatic email notifications, resulting in cost reduction, improved accuracy, and enhanced operational efficiency.

 

Microsoft SharePoint as a powerful collaborative and information sharing platform allows for:

  • Increased AP Cost Savings – It significantly reduces the costs of processing invoices, purchase orders, checks, receipts, packing slips and other paper-based documents. It removes hidden costs associated with storing, searching and finding paper documents located in storage rooms.
  • Maximized Return on Investment (ROI) – Using SharePoint for accounts payable drives user adoption and increases end-user satisfaction by deploying a cost-effective and low-risk solution that uses the proven SharePoint platform.
  • Increased Productivity – Standardizing or automating repeatable tasks by creating workflows at every stage of the accounts payable process certainly reduces risks and human errors and prevents late or lost payments.

 

More specifically, here’s what SharePoint can do for your AP automation:

  • Automate critical business processes and cut costs, such as invoice processing, approving purchase orders, processing work orders, etc.
  • Harness the power of Microsoft Office SharePoint Server workflow, forms, security, document management, etc.
  • Rapidly develop and deploy business solutions
  • Seamlessly integrate with other business systems to share data throughout the enterprise
  • Identify process bottlenecks and improve efficiency
  • Enhance business intelligence with reporting, audit logs, dashboards & alerts

 

ACTS is a Microsoft Business Critical SharePoint partner, and with its proven Business Outcome Model (BOM) Methodology always starts with asking: How can we help you deliver better business outcomes using the technology tools currently available? By interviewing your employees, executives and business process owners, we fully understand how your organization functions, your critical business processes, and how and where new technology can deliver competitive-edge-gaining advantages. After becoming thoroughly familiar with your operations, our experts build a business-outcome-focused plan on the best way to use technology to:

  • Intelligently capture your relevant data with efficiency
  • Automate processes based on streamlined workflows
  • Accurately deliver the right information to the right people