Accounts payable (AP) teams face significant challenges within economic conditions that are quickly evolving. The pressure to “do more with less” increases, and best-in-class AP teams aim to process >15,000 invoices per AP clerk per year. However, AP must work with multiple suppliers and often has very little control over the methods of invoice submission and accepted payment methods. Rather than strong-arming suppliers, organizations must leverage AP automation technology solutions that are flexible and extensible to meet suppliers wherever their business relationships dictate.
- Eliminate manual invoice data entry.
- Maximize direct supplier portal invoice creation.
- Automate 100% of AP payables.
- Leverage a single workflow for all AP tasks.
- Reduce the risk of payments fraud.
AP teams are bombarded with invoices from various sources such as mail, email, paper, PDF, and fax. Suppliers use different methods to submit invoices, making it difficult to establish a single standard for invoice delivery. Consequently, manual invoice entry remains the prevailing practice in most AP organizations to handle all the channels of invoice submission. This manual process is tedious and requires AP clerks to spend most of their time performing repetitive tasks. Scaling the process can only be achieved by hiring more full-time employees, which can be expensive.
JAGGAER’s suite of digital mailroom, eInvoicing, and Optical Character Recognition (OCR) capture solutions help companies streamline their invoice entry process by converting paper invoices into digital format. This systematic digitization process significantly reduces the need for manual data entry, freeing up valuable time and resources for AP teams. With the help of advanced technologies such as OCR, the suite accurately captures key data from invoices, such as vendor names, invoice numbers, and amounts, which can then be automatically uploaded into a company’s financial system.
As a result, AP teams can shift their focus to more strategic tasks such as analyzing financial data, identifying trends, and improving cash flow management, ultimately leading to increased efficiency and productivity.
The optimal experience for AP users is when they don’t have to touch incoming invoices. This can be achieved by having suppliers submit invoices through a supplier portal, which provides them with visibility into the current status of their invoices and allows for the management of any exceptions. By funneling invoices into automated portal, AP users don’t have to intervene in invoice processing, providing them with a seamless and hassle-free experience.
JAGGAER’s New Supplier Portal Invoicing Experience enables suppliers to submit invoices ready for touchless approval, every time. Suppliers benefit from avoiding duplicate data entry, ensuring all required fields are completed the first time, and fixing exceptions or offering explanations through an integrated messaging capability. Buyers benefit by avoiding the need to manually review invoices and slow email communications with the supplier.
The status quo AP payment experience in the United States involves exporting payment batches from an ERP system to various processing channels – an onsite printer for checks, the bank for ACH transactions, etc. The process is inefficient, manual and error prone. Particularly when it comes to printing checks and stuffing envelopes, it consumes a large portion of AP’s bandwidth.
JAGGAER Pay is a solution that automates and integrates all AP payments through a single system, providing a seamless and cohesive user experience. With this solution, AP teams can initiate all their payments without having to leave the JAGGAER interface. Furthermore, the settlement status of payments is automatically reconciled with the Enterprise Resource Planning (ERP) accounting system of record, eliminating the need for manual intervention. In essence, JAGGAER Pay unifies the payment process, making it more efficient and convenient for AP teams to manage their payables.
By leveraging a Procure-to-Pay (P2P) full-suite provider rather than point solutions, AP organizations take advantage of seamless integration and a single, end-to-end workflow. Starting with the management of suppliers, to the purchasing and invoicing experiences, and ending with the final payment settlement. A P2P solution enables users to avoid bouncing between ERP’s and various point solutions.
JAGGAER’s robust, flexible workflow empowers organizations to implement customized process controls efficiently and effectively. Eliminating manual review and approval processes greatly reduces susceptibility to payment fraud and overlooked errors. Automation ultimately results in reduced invoice processing cycle time and increased percentage of on-time payments.
B2B payments fraud is accelerating and a major risk concern among finance leaders. According to the Association for Financial Professionals Payments Fraud and Control Report, 71% of companies experienced attempted payments fraud in 2021, and 30% of those companies reported an uptick in the occurrences of fraud. Check fraud remains the most common method of B2B payments fraud while business email compromise continues to grow as fraudsters target AP organizations with increasingly sophisticated schemes.
JAGGAER Pay minimizes the risk of check fraud by reducing the number of expensive check payments and eliminating the practice of locally printing checks. The risk of business emails being compromised is mitigated by using a secure supplier portal to manage bank account changes. Additionally, software is used to validate the good standing of those accounts to ensure they are legitimate. With these measures in place, the risk of fraud is significantly reduced, providing greater security and peace of mind to both AP teams and suppliers.
Add JAGGAER Pay to Your AP Workflow
JAGGAER’s networked, intelligent, comprehensive, and extensible platform provides end-to-end AP automation. With the recent inclusion of JAGGAER Pay, every AP task can now be managed in a single solution, eliminating the need to bounce between ERP’s and multiple point solutions, increasing efficiency and reducing overhead costs.
Message Us Today to Get Started
Don’t hesitate to contact us! Automate your AP payments to increase your efficiency, improve your financial position, and mitigate risk. Move away from error-prone and manual processes, speak to an expert today to learn how JAGGAER Pay can help simplify your AP payments.
