What is Procure to Pay Software
Procure to Pay Software
Procure to Pay Software (or P2P) facilitates more efficient procurement and accounts payable processes by replacing paper and manual data entry with electronic invoices and automated data extraction.
With automated procure to pay software, organizations can run a leaner accounts payable department with:
and human error
Automated Invoice Processing in the Accounts Payable Workflow
Accounts payable is a core operating function for any business, but it doesn’t have to be a costly or labor-intensive one. With an automated invoice processing solution in place, organizations can realize new efficiencies in their AP department. Invoice automation translates to less manual effort, reduced human error, and minimized labor costs. In practice, a lean accounts payable department can translate to competitive advantage for the organization, as resources previously tied up in invoice processing can be utilized in higher value-added areas of business. Procure to pay software enables companies to focus more time and resources on their core product or service.
Procure to Pay In Action: Fortune 1000 Company Reduces AP Costs and Accelerates Invoice Processing
A Fortune 1000 company regularly received a high volume of invoices and relied on a team of five employees to manually process them. The invoices received were of low scan quality and some lacked PO numbers, making them difficult to work with. Using manual data entry to process the invoices was inefficient and time consuming. After testing out a variety of accounts payable software solutions, the company decided to license CVISION's Trapeze for Invoice Processing to process up to 250,000 pages per year.
Using CVISION's Trapeze for Invoice Processing, the company was able to fully automate their invoice processing. As a standalone product, Trapeze was able to seamlessly integrate with the company's document management system while improving the accounts payable procedure. With its high recognition rates, Trapeze was able to process invoices despite the low scan quality and lack of PO numbers. Overall, the speed and accuracy of the company's invoice processing was vastly improved and the former data entry employees were re-purposed to more valuable positions.Read the Full Case Study on How a Fortune 1000 Reduces Costs with an Automated Invoice Processing Solution