10 Key Advantages of Using an Automated P2P Solution
Procure-to-pay (P2P) solutions are software systems that automate the entire procurement process, from purchase order creation to invoice processing and payment.
The approval process is carried out online and suppliers receive their orders electronically. When the goods and services are received, they are recorded in a system, and the invoices are processed using a paperless solution. The invoices are matched together and then distributed for payment.
P2P Automation Solution
10 Reasons to Invest in a Procure-to-Pay System
Here are the top 10 benefits of using an automated P2P solution for a procure to pay process:
1. Streamlined procurement process
Purchase to pay software systems automate the entire procurement process, from requisition to payment, reducing the time and effort required for manual processes by the accounts payable team.
2. Improved efficiency
P2P solutions automate manual processes, reduce paperwork, and simplify purchasing procedures, leading to faster, more efficient procurement processes within your purchasing department.
3. Cost savings
Procure to pay systems help businesses reduce costs associated with manual procurement processes, such as paper-based invoicing, and increase visibility into spending activities.
4. Better supplier relationships
An automated P2P solution enables organisations to manage their supplier relationships more effectively, making it easier to negotiate favourable terms and ensure on-time delivery.
5. Better spend management
Purchase to pay solutions provide real-time visibility into procurement data, enabling AP teams and departments to analyse spending patterns, identify opportunities for cost savings, and make better-informed purchasing decisions in the future.
6. Improved compliance
Automated P2P systems help businesses comply with regulations and internal policies by automating procurement processes, providing visibility into procurement data, and ensuring accurate record-keeping across the organisation.
7. Faster processing times
P2P software can automate many of the manual processes involved in procurement and AP, such as invoice processing, which can lead to a reduction in processing times and improvements to the speed of the procurement cycle.
8. Improved financial management
Purchase to pay software systems provide real-time visibility into procurement data, enabling organisations to better manage their cash flow and improve financial planning
9. Increased agility
Procure to pay solutions provide the AP team with greater agility and flexibility, making it easier to adapt to changing business requirements and market conditions.
10. Simplified audits
An automated P2P solution can make it easier to track procurement and payment data, simplifying the audit process and reducing the risk of compliance issues.