Tag Archives: accounts payable

7 Reasons to Automate Accounts Payable in an Oracle E-Business Suite Environment

 

 

Do you work in the Oracle® E-Business Suite realm? Are you still looking into automation and how it could fit into your organization? Look no further, Esker has laid out 7 Reasons to Automate Accounts Payable in an Oracle E-Business Suite Environment. That’s right, you heard me: in an Oracle E-Business Suite Environment! Not only does Esker offer accounts payable (AP) automation, we now have a seamless connector for those working in the Oracle space.

What’s Your Reason to Automate?

Do you suffer from lack of visibility into your KPIs (Key Performance Indicators) on a daily basis? Maybe your AP specialists are being stretched thin by manually processing invoices, or you could be looking to take advantage of early payment discounts but don’t have a good way to track them in your current process. Whatever your reason to automate may be, you will want to start putting an action plan in place for automation by laying out how it will benefit your organization. Now, there is no need to rack your brain coming up with reasons to automate, I already did the work for you!

 Reasons to Automate Accounts Payable

  1. Address the Issues
    What pains are you experiencing in AP? I am sure if you have pains, others in your department feel them as well (or additional ones). Take a moment to familiarize yourself with all the procedures, or even give yourself a nice refresher, you might end up pinpointing a few issues automation could fix that you didn’t think of before. You want to make sure you have identified all the pains in your department to make a strong case for automation.
  1. Consider the Big Picture
    What is automation going to bring your organization for years to come? Maybe you are being hit by the lack of visibility, imagine the joy of automation providing total visibility into invoices throughout the process and the ability to track KPIs on a daily basis! Think of all those in your organization that will benefit. Are you looking to improve supplier relations? Automation can give you a vendor portal which gives vendors insight into where their invoice is without needing to pick up the phone! Think of the time that AP specialists could be saving. Can you already imagine a few of your vendor relationships improving? Maybe early payment discounts are a hot topic, think of the money your organization could save by having visibility into the process with real-time tracking. Catch those discounts before they are gone! What does your big picture look like and where do you want automation to take your organization?
  1. Assess Your Situation
    You have pinpointed your issues, taken a look at how automation will benefit your organization, in the long run, now it is time to assess your situation. How well do you rank among your competitors? Do you have easy access to your KPIs and other important data? If you are not happy with where you stand, or you are content with your ranking but know you can improve, it is time to take action with automation!

Get all 7 reasons to automate AP in an Oracle E-Business Suite environment by downloading our guidebook today! You won’t want to miss out — kick start your business case today!

Algoma Chooses Esker’s Cloud-Based Solution to Streamline Its Accounts Payable Processes in an SAP® Environment

Sydney, Australia — June 5, 2017 Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today announced it is working with Algoma, a North American steel manufacturer, to automate its accounts payable (AP) processes. Esker’s cloud-based accounts payable automation solution will integrate with Algoma’s SAP® system to bring more speed, accuracy and visibility to the 12,000 incoming documents it processes monthly.

Algoma selected Esker after implementing an SAP system in 2012. One of Algoma’s top priorities was to gain greater real-time visibility into important invoice details. The ability to integrate with SAP applications and sophisticated analytical capabilities of Esker’s solution were exactly what Algoma was looking for. Additionally, Esker will enable Algoma’s team of AP specialists to transition from clerical work to analytical roles, setting the stage for greater productivity and professional growth opportunities.

“Our goal was to not only transact vendor invoices more efficiently, but to also gain rapid insight into the potential bottlenecks and problems in our processes,” said Piper Lee Frech, senior manager – financial accounting, taxation and pensions at Algoma. “Esker’s machine learning technology and real-time dashboards that can be tailored to individual needs of each AP Specialist, gives us the flexibility and user-friendly interface we need to achieve our goal.”

This project signifies a positive step for the organisation, as it is the company’s first venture with a cloud-based solution. Algoma believes they will see real benefits from Esker’s cloud capabilities when it comes to communication with its vendors.

About Algoma

Algoma has been a mainstay of the North American steel industry for more than 100 years. A fully integrated steel producer with a raw steel production capacity of approximately 2.8 million tons per year, Algoma’s size and diverse capabilities enables it to deliver responsive, customer driven product solutions straight from the ladle to direct applications in the automotive, construction, energy, manufacturing and defense industries. Algoma’s operations are based in Sault Ste. Marie, Ontario with sales offices in Burlington, Ontario and Calgary, Alberta.

 

[Infographic] A Brief History of Payment Methods

We are excited to share a blog post from SlimPay today. This post features an infographic on the history of payment methods that evolved alongside civilizations.

Using a Mobile App to Maximize Accessibility & Boost Efficiency in Accounts Payable

If there’s one thing that all accounts payable (AP) departments stand to benefit from, its greater accessibility to invoices and purchase requisitions. We can all agree that work isn’t confined to the office, so why should your AP processes be?

As the integration of business processes and technology grows and strengthens, so do customer expectations when it comes to speed and accuracy. One way AP departments can meet and exceed those expectations is by way of a mobile application. With one, managers are provided on-the-go, always-on access to: invoices, purchase requisitions, invoice approval or hold, document lists, key data, line items, original documents, and the sending of documents back to the AP department or previous approver.

The best part of using a mobile app for purchase requisition and invoice approval? The benefits of one span the entire P2P cycle.

Advantages of a Mobile Requisition & Invoice Approval App

  • 24/7/365 availability
    A mobile app allows managers to access invoices and purchase requisitions at any time and any place. Whether it’s a holiday or during travel, invoice and purchase requisition approval is always just a click away.
  • Work while on the go
    Managers have on-the-go accessibility to invoices and purchase requisitions with a mobile app, enabling continuity and speed in AP processes. During travel, there’s no need to wait for managers to be back in the office for approval — they can approve on their time, from wherever they are.
  • Easy approval
    Approving invoices and purchase requisitions is as simple as hitting a button thanks to mobile applications like Esker Anywhere™, available for both Apple® and Android™ devices.
  • Quickly resolve exceptions
    Rapidly resolve any exceptions and move forward with approvals from a single app. Doing so fosters positive relationships with suppliers and speeds up the invoicing process.
  • Increase efficiency
    With fewer bottlenecks along the way and less effort needed for approval, efficiency in the P2P process is improved.

Learn more about how a mobile requisition and invoice approval app can help your business by watching the video below!

Meet Michael – Controller | Esker Accounts Payable

 

Michael oversee’s the accounts payable department – him and his team have a lot to do with little time to do it. Michael faces challenges such as poor cash flow visibility, delayed approvals & late payments, missed discounts, and lack of tracking & reporting.

 

Mobile Requisition & Invoice Approval App | Esker Anywhere

 

Financial professionals are expected to perform with speed, accuracy, and accessibility. In a workplace where everything was needed yesterday and instant 24/7 availability and access is becoming the norm – mobile adoption in any solution is a necessity.

Digging for Data: Four Essential Accounts Payable KPIs

Only 15% of businesses track their metrics using technology like dashboards that display key data, a 2015 IOFM study found. What gives?

Key Performance Indicators (or KPIs) are the bread and butter of process improvement initiatives — revealing important data about core activities in accounts payable (AP) and propelling your project from concept to reality. The nature of this information is essential, as it pinpoints problem areas and can help guide companies looking to transform their AP department into a best-in-class performer.

Four Essential Accounts Payable KPIs to Follow

  • Number of invoices processed per employee per day
    There’s no definitive market average for this KPI due to the many factors that play a part in this calculation, but you can bet your bottom dollar that this is one metric you should be following. Once you are, make sure to communicate your expectations with employees and allow them to provide input to ensure you’ve set attainable goals.
  • Average number of invoices received containing exceptions
    According to a 2015 Ardent Partners study, more than 1 in 6 invoices received by the average business result in an exception. This represents a significant portion of AP staff time spent solving exceptions and clearing the invoice for re-entry into the workflow. In a manual environment, exceptions are yet another obstacle that AP departments must overcome.
  • Average cost per invoice
    A lot is involved in the total cost to process an invoice (e.g., copying and follow-up, IT support, staff salaries, etc.). A 2015 PayStream Advisors study found that the average all-inclusive cost for an organization to process a single invoice manually is $40.70. If you don’t know how much you’re paying to process an invoice, you’re most likely paying too much.
  • Average invoice processing speed
    A 2015 study by Ardent Partners found that the market average for processing a single invoice was 11.4 days. Meanwhile, the very same study found that best-in-class companies (i.e., ones who use automated workflow tools to drive their AP process) took an average of only 3.6 days to process an invoice. Why’s it matter? The longer it takes to process an invoice, the more likely you’re losing money on late payment fees, missed discounts and low staff productivity.

What to Do When the Digging’s Done

  1. Analyze
    Take a close look at the metrics you have gathered and analyze why the numbers are what they are and the consequences it may have on other parts of the process (even beyond AP). If you spot a continuous problem, dig deeper into surrounding metrics to find out what may be causing it.
  2. Make a plan
    What’s the plan, Stan?! Having the data at hand is all well and good, but now you need to create an action plan. After analyzing everything, you should have a better idea of what’s causing problems and possible remedies. Ask the team for their thoughts on how to better the process, they can provide insight in areas you aren’t as familiar with.
  3. Evaluate effectiveness
    A few months after implementing your plan, make sure to go back and review the latest numbers to see if you’re headed in the right direction. Like any project, you may have to do some fine-tuning before experiencing the results you’re looking for — don’t let it discourage you.

Numbers don’t lie. Solid metrics can be leveraged in business cases for process improvement initiatives such as AP automation. With the ultimate goal of running an efficient, well-oiled AP department, KPIs are the transformative tool that can you get your process to that point.

Want more information on important accounts payable KPIs to track? Read our eBook on it here.

Esker Named to Food Logistics’ 2016 FL100+ Top Software and Technology Providers List

Sydney, Australia — February 2, 2017Food Logistics, the only publication exclusively dedicated to covering the movement of products through the global food supply chain, has named Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, to its 2016 FL100+ Top Software and Technology Providers list. 

The FL100+ Top Software and Technology Providers (http://www.foodlogistics.com/article/12285892/the-2016-fl100) list serves as a resource guide of software and technology providers whose products and services are critical for companies in the global food and beverage supply chain.

“The software and technology sector continues to generate new and exciting opportunities for growers, food manufacturers, grocery retailers and the many logistics providers that support them,” notes Lara L. Sowinski, editorial director at Food Logistics. “Today’s cloud-based solutions and mobile connectivity are helping create tools that are more flexible, affordable and responsive, making software and technology even more valuable to those in the global food supply chain.”

Esker’s cloud solutions allow food and beverage companies to cut costs by automating manual tasks via one integrated platform. Increasing industry pressures have many companies seeking to lower operational costs and maintain supplier relationships. These companies are directly impacted by errors that occur in order processing due to increased costs from incorrect shipments, returns and lost goods. Esker helps manufacturers and distributors manage the supply chain without paper-based documents such as fax and postal mail, creating easier access to documents and reducing costs with fewer manual tasks. Supplier relationships are also improved when orders are on time, correct and can be accessed in real-time if questions arise.

“We provide a simple solution that streamlines business processes for wholesalers, distributors, manufacturers and third-party logistics providers in the food and beverage industry,” said Steve Smith, U.S. chief operating officer at Esker. “We strive to deliver the most value by giving organisations the ability to cut costs and improve supplier relationships, and consider it a significant achievement to be recognised as a top technology provider and resource in this industry.”

About Food Logistics

 

Food Logistics is published by AC Business Media, a business-to-business media company that provides targeted content and comprehensive, integrated advertising and promotion opportunities for some of the world’s most recognised B2B brands. Its diverse portfolio serves the construction, logistics, supply chain and other industries with print, digital and custom products, events and social media.

 

 

Join us at the upcoming Queensland CFO Symposium.

 

Leading Communications Service Provider Automates Over 10,000 Monthly Invoices with Esker’s Cloud-Based AP Solution

Tools such as mobile invoice approval, customisable dashboards and a self-service portal are streamlining the purchase-to-pay (P2P) process

Sydney, Australia — November 28, 2016 — Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today announced it has completed a project with the leading communications service provider in Malaysia to automate its accounts payable (AP) process. Esker’s cloud-based accounts payable solution integrates with the company’s SAP® system, helping to significantly reduce the amount of manual handling and invoice processing time. ap_pantone

 

Preparing for Malaysia’s Goods and Services Tax (GST) implementation and faced with limited invoice visibility, lost invoices, high document handling time and costs, and late approvals, the communications service provider was looking for a cloud-based solution to simplify its AP process and reduce paper usage. It was important that the solution be customisable for its unique business requirements, particularly the company’s desire for mobile functionality. Esker was able to deliver a complete AP solution, including electronic archiving, and today automates the processing of over 10,000 monthly vendor invoices.

Mobile Capabilities & Solution Dashboards

As part of its initiative to bring greater efficiency to AP, the company is taking advantage of the many innovative AP automation tools Esker offers. For example, Esker’s mobile invoice approval application Esker Anywhere, enables managers to approve requisitions, purchases and payments while they’re on the move resulting in faster invoice processing and increased efficiency in the P2P process.

The company is also using Esker’s collaborative and customisable dashboards, which provide its users with instant access to essential data, allows Key Performance Indicators (KPIs) to be tracked easily and provides real-time visibility. Thanks to a comprehensive view of daily tasks (e.g., invoices pending approval, invoices by status, number of invoices processed by full-time employees, etc.), the communications service provider can better manage workloads and internal resources.

Supplier Portal for Improved Collaboration

Esker’s self-service portal also brings new levels of cost savings and efficiency to the company’s AP department by reducing the number of daily invoice status enquiries — allowing staff to focus on higher value-added tasks. Additionally, with suppliers able to submit invoices directly and electronically via the portal, the company further reduces unnecessary paper handling and improves the timeliness of payment to its suppliers. Ultimately, supplier relations and collaboration are strengthened as the company increases its productivity.

mobile-invoices