How can a digital platform be really useful to you on a daily basis and help you to improve the organization and management of your accounts payable?
The advantages of a cloud-based platform are numerous and all stem from the drive for greater efficiency, which is key to the success of your company.
Let’s summarize some of the main benefits of leveraging a digital accounting platform!
Better workflow, better control
The first and most impactful benefit is the end-to-end control you would have of the entire AP process.
Access all the data you need, distributed across personalizable charts, via a unique, at-a-glance dashboard. Based on this data you can make decisions and approve payments, but also route invoices or disputes to relevant managers for approval or resolution.
In addition, you can manage financial risk by reconciling invoices with orders and deliveries to identify over- or under-supply, or payment, and free up your working capital.
The possibility of making mistakes is also drastically reduced with such a system.
Enabling all steps in the accounts payable process to be monitored, even remotely, while leveraging AI and machine learning support, means nothing can escape the CEO/CFO’s eye.
Tax compliance through rigorous integrations
By proactively participating in regulatory panels and organizations and tracking updates and modifications, which are then automatically and seamlessly integrated into the platform, we can guarantee that you are always painlessly compliant across all jurisdictions.
Regulatory changes are integrated immediately, automatically, and will not disrupt your daily operations while increasing the transparency of your company’s operations.
But why is it important to be compliant and integrated with multiple platforms?
The heterogeneity of the regulations and formats governing invoicing makes transactions in the different countries in which you operate more complicated; a digital platform eradicates friction from formats, languages, regulations, or models across regions.
You also gain efficiency from the ability to digitally process, check, deduplicate and route invoices for approval and payment authorization according to state regulations, internal rules and processes, or best practice – in just one click or tap.
The power of data-based forecasting
The digital platform’s ability to collect real-time data gives you the power to improve your budgeting and forecasting while also accelerating and facilitating month- and year-end reporting.
Switching to digital also results in savings on paper, and printing costs.
Take advantage of AI and machine learning to improve accuracy, increase automation, and achieve faster turn-around times.
By eliminating paper-based procedures and record-keeping you generate substantial savings in office space and archival storage, and reduce your personnel’s unproductive time.