In order to give their commercial customers the best prices and most flexible purchasing options possible, Floor & Decor offers lines of credit through their preferred credit provider, CIT. To fully leverage and scale this partnership, Floor & Decor needed a way to quickly check credit availability in their retail stores on demand. It also needed to generate invoices to send to their commercial customers while providing assignment notices to CIT.
On average, enterprises processed over 200,000 spend transactions last quarter. Finance teams that use artificial intelligence in their spend audit reviewed 100 percent of transactions, versus 2-10 percent of expense reports and 5-10 percent of invoices for teams that didn’t.
Modern finance teams are embracing AI to audit their invoice-based spend. With AI, they can review all of their invoices prior to payment to spot errors, fraud, and contract violations.
AppZen customers have identified 16 critical invoice audit and contract compliance use cases that only AI can make possible.
On average, enterprises processed over 200,000 spend transactions last quarter. Finance teams that
use artificial intelligence in their spend audit reviewed 100 percent of transactions, versus 2-10 percent
of expense reports and 5-10 percent of invoices for teams that didn’t.
Spend-related regulatory violations come in the form of different types of payments or gifts, including those to sanctioned organizations or people; debarred organizations or people; organizations or people on an export control list; foreign officials or government-owned entities; politically-exposed people; and healthcare professionals or organizations.
How do you know if you have these violations hiding in your organization's expenses, contracts, or invoices?
It’s not easy to weed them out, and if you don’t have an automated, systematic approach, doing so is prohibitively time consuming.
Is your business falling prey to invoice fraud schemes?
Download this whitepaper to learn
-what to look out for when processing invoices
-the best practice of examining thousands of bills that come through the door every month
Are you blindly relying on manually-entered data from your systems and waiting for the recovery audit to claw back duplicates and overspend?
Now with AI, you can discover rather than recover. Review every invoice and expense for risk before you pay without delaying supplier payments or employee reimbursements.
Invoicing and payments problems can take a variety of forms: fraudulent invoices, invoices that don't represent negotiated terms, or just plain duplicates.
Join David Wishinsky, Sr. Product Marketing Manager at AppZen, as he reveals 15 critical invoice audit and contract compliance use cases that AI makes possible.
Accounts payable departments at large enterprises pay thousands of invoices each month. With such a large volume of invoices, companies leave themselves at risk for overpayment and potential invoice fraud.
As your business grows and your vendor list gets larger, how do you stay on top of the validity of each invoice?
AP automation is often described as low hanging fruit in the
garden of digital transformation. And for a good reason – the
barrier to entry is impressively low in terms of both cost and
effort needed to get up and running, particularly in comparison
to the implementation projects for other business applications.
Despite that fact, the value provided from AP automation is
comparably high. For such an easy implementation, the benefits
reach throughout an organization, beyond the walls of the AP
department, and are near-immediate from day one of using the
Standard benefits include:
- Immediate value from day one with an expected ROI within the first year
- Up to 95% truly touchless invoice processing with access to real-time cloud data for benchmarking and reporting
- Easy access to financial data, such as cash flow & accrual reporting, with full visibility and control of the AP process
This guide will help you kick-start your AP automation project by
defining the 6 steps to build a solid business case and gain the
internal approvals needed to get started.
Marc Jacobs has been able to redirect employees from the considerable time spent maintaining spreadsheets and managing AP information. In just four months after deploying MediusFlow, the company was able to justify the investment. One year from deployment, it expects to have made $150,000 in productivity gains.
By modernizing its solution for invoice processing, Marc Jacobs can easily manage its complex supply chain and get back to the creative work of designing and delivering next season’s collection.
Only a best-of-breed AP automation solution can offer the high levels of fully automated, touchless, invoice processing that your organization needs to scale your business operations.MediusFlow is the leading cloudbased solution for Dynamics users that automates the entire accounts payable process, enabling increased efficiency, touchless invoice processing as well as better financial visibility and control.
This guide will help you understand...
• What AP automation is
• The different options available
• What to consider when selecting a solution
• How to evaluate solutions
Customer and supplier portals are one of the many fruits borne from the
age of digital transformation. However, the level of accommodations that
portals provide to customers and suppliers has spawned a whole new
set of challenges that didn’t exist less than a decade ago. Chief among
these is something referred to as “portal fatigue.”
Many AR departments and CSR teams are painfully familiar with the
term, as it’s often their job to either retrieve orders from a customer portal
or submit invoices directly into customers’ AP systems. On paper, these
tasks don’t seem all that odious. But when you consider the amounts of
different portals being used, and the fact that not every user is trained
on each portal, it’s easy to see why portal fatigue is a very real and
concerning problem for today’s businesses.
Your business is changing. As a finance leader, you know that accounting is a labour-intensive, costly process where
systems often don’t allow for expedient exception handling and many days are fraught with difficulty in matching
invoices to other databases for reconciliation. Like most companies, you know where you want to go but may not have
infrastructure or internal expertise to handle electronic fund transfers, credit card payments or cheque processing— all
the pieces required to make your vision for an efficient, integrated operation a reality.
After evaluating all the options on the market, one company chose Automation Anywhere RPA to start its digital transformation journey and automate its invoice processing, help desk, and internal financial reporting processes. The company achieved its initial goals—and more. It got the first initiative—automating accounts payable—up and running in less than 6 months, and increased the efficiency of the operation by 300%.
Business Spend Management Improves Visibility and Control Over Spend for Financial Leaders
Closing the books can be a tedious, manual process when accrual balances don’t match AP balances and a backlog of invoices cause an increase in resource hours.
Get insight on how Salesforce and Ionis Pharmaceuticals leverage business spend management to streamline the financial close.
Read this eBook to learn how to:
• Automate spend processes to cut heavy manual workloads
• Gain full visibility and control over spend
• Move from transactional “spreadsheet jockey” to strategic management
• Minimize risk associated with missed accruals
Data from The Hackett Group’s most recent Purchase-to-Pay Performance Study shows that organizations with high levels of AP automation save 43% on invoice processing costs. However, top-performing organizations don’t focus solely on process automation.
Published By: DocuSign
Published Date: Mar 23, 2016
Doing more with less is the name of the game for SMBs. Learn about DocuSign’s suite of solutions for small business that let you deliver contracts, get approvals, sign invoices— all without an IT department. DocuSign seamlessly integrates with Salesforce and is easy to use for you and your team. Speed up sales, hire employees faster, and give your customers another reason to rave.
Come hear directly from DocuSign product leads and customers about how you can make DocuSign for Salesforce go to work for you.
Published By: OpenText
Published Date: Mar 02, 2017
Watch the video to learn how Procure-to-Pay (P2P) solutions automate B2B processes to help you gain better visibility into transaction lifecycles, improve efficiency, and increase the speed and accuracy of order, shipping, and invoice processing.
"Mobile. It’s where things are going in life and in business. Your coworkers and customers are 2-5 times more likely to access information on their phone than their PC.*
This ebook explores the mobile trends that are transforming how business gets done. Plus, it offers real-world examples of how companies like yours are using the new accessibility to their advantage.
Get those forms and approvals on those phones and tablets! Imagine NDAs, invoices, project proposals, purchase orders, time sheets, RFPs, permissions, reviews, signoffs – you know, those tiresome paper pushing processes – all accessible, transferable, reviewable, approvable, and actionable via any digital device."
Published By: Bill.com
Published Date: May 14, 2012
This Insight focuses on the 74 SMBs within that group and provides a comparison with respondents from larger businesses. Given the different volumes of invoices and payments these groups handle, what do they have planned for future? Find out!
Published By: Bill.com
Published Date: May 14, 2012
Small and mid-sized business use Bill.com to help manage their cash flow and make better use of their resources. Here are the top ten things you can do with Bill.com to help take control of your organization's financial management.
Published By: Bill.com
Published Date: May 14, 2012
In this paper, financial executives from a variety of top performing industries discuss systems that they have implemented, like Bill.com, that help them efficiently manage the daily pulse to sustain healthy cash flow.
Hotel room prices account for only a fraction of total corporate lodging costs. What could your company be overlooking?
Read our “The Total Cost of Lodging” white paper to discover:
•The top 3 largest costs in lodging management
•The percentage of inaccurate hotel invoices
•How to save on lodging
Find expert answers to rising hotel rates, inaccurate billing, and inefficient systems. Read more to find out how to make your lodging program better!