Accounts Payable
Optimise your accounts payable process to improve on-time payment, reduce operating costs and streamline invoice processing.
On-time payment
Reduced operating costs
Touchless invoice rate
Centralised invoice monitoring
Accounts Payable departments use process mining to centralize invoice data across source systems and streamline process execution. By visualising and measuring the end-to-end process paths of invoices, as well as understanding the interaction between different source systems, inefficiencies and bottlenecks come to light. Gain insight into the impact of these process inefficiencies on on-time payment, operating costs, and touchless invoice rate. Apolix provides the expertise and data-driven insights to streamline your accounts payable process and break down its complexity. From proactively monitoring the backlog of invoices to reducing invoice processing time, improving on-time payment and centralising process execution.
Challenges
Accounts Payable is a process often characterised by rigid workflows, siloed systems, and complex procedures. Organisations face thousands of invoices per week and are often face with similar challenges in their accounts payable process. Namely, the scattered IT-systems lead to bottlenecks and create the risk of invoices stuck at a certain step of the process. It also makes it difficult for organisations to have an overview of the entire process and pinpoint its inefficiencies. The complex procedures of accounts payable often lead to manual rework and increase invoice processing time significantly. As a result, invoices risk being paid too late. In short, a lack of centralised process data makes end-to-end invoice monitoring virtually impossible and significantly impacts on-time payment.
Our solution
Centralized process analysis
By analysing the accounts payable process across all source systems, organisations obtain an end-to-end visualisation. This allows organisations to measure throughput times, identify bottlenecks and prioritise improvement opportunities.
Real-time monitoring
With real-time data loads, organisations can monitor their accounts payable process on a daily basis and support their operations. This allows organisations to better understand the current workload and prioritise invoices nearing their payment due date.
Proactive notifications
With a centralised overview across invoice process data, it is possible to set up proactive notifications to reduce idle times and support the AP department. This can either include proactive vendor communication regarding payments or internal notifications.
Process automations
Process mining can help identify time-consuming manual tasks which can be automated. By automating routine tasks, the accounts payable department can focus on more resolving complex issues, reducing invoice processing time.
Cases
