Understanding Automated Purchase to Pay Systems

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Accounts and finance departments can purchase automated systems to link up the different financial processes within their organisation. For example they can connect procurement and invoicing operations.

These automated solutions are called purchase to pay systems. This is because they connect everything from initial budgeting and purchasing, right through to invoicing and payment.

Benefits of having an automated purchase to pay system include a more organised financial department with increased visibility. Automation results in reduced processing times at all information extraction of financial transactions. This in turn brings greater efficiency and ultimately results in cost savings for the business in question.

Automated purchase to pay systems, sometimes known as automated P2P systems, bring complex financial transactions together into one manageable data overview. These digitised systems are used by many different types of organisations to manage financial data. Processes under the purchase to pay banner include e-procurement, credit control document management and automated debt recovery.

During financial processes a lot of documents are produced. Automated data capture solutions can gather it all and turn it into digitised data, making it easier to manage. These automated systems centralise all financial data and allow departments such as accounts and invoicing to link up.

During data capture, paper documents are quickly scanned and saved as digital files before being integrated into a purchase to pay system. This helps to streamline an organisation as there is no need to store and refer to so many paper documents because it is now all saved on computer.

Digitised data is also far easier to share with colleagues, not just in the office but around the whole of the organisation. The internet has made it possible for digital files to be sent to company offices, suppliers and clients at the touch of a button.

Using digitised data is the contemporary way of overcoming operational challenges that may have previously held an organisation back. These challenges included storing paper files, plus difficulties in sharing these documents with colleagues.