Accounts payable is the financial part – and thus the last step – of the purchase-to-pay process. Its purpose is to settle financial obligations related to invoices from vendors or suppliers. A substandard purchase-to-pay process results in a variety of inefficiencies, such as late payments, manual modifications that could be avoided, and compliance violations.
Scheer Process Mining gives you extensive expertise and best-practice solutions for optimizing your accounts payable process. We provide analyses with relevant KPIs for all process steps so you can make better operational decisions. Gain the ability to identify pain points and optimization potential in your processes. The resulting transparency will enable you to perform extensive root cause analysis of the weaknesses you find.
Payments made too early impair a company’s cash flow; payments made too late mean missing out on potential cash discounts, or even incurring interest on arrears. Process mining gives you a near-instant overview of open invoices and enables you to prioritize them by target payment date, for instance. It also helps you identify the root causes of weaknesses in your invoice release process (from recording to processing and approval) that prevent punctual payment, which will help you strike the optimal balance between improved cash discounts and cash flow. Never pay an invoice too soon or too late again!
Manual process steps are frequently costly and time-consuming, which makes them prime candidates for automation. Get the transparency you need over the current automation level of your individual process steps as a baseline for automating them further – during invoice entry and processing, for example, or in the release process. This can help you significantly reduce lead times and costs!
Process mining is the only technology that visualizes actual process flows, thus enabling you to capture specific optimization potential. You can then automatically identify the variety of process variants in use and compare them against your target process. This opens the door to more transparency in defined processes for areas like approval and inbound invoice verification.
In invoice release processes, it is crucial that the right user roles be involved in the right places. Process mining helps you identify invoices, departments, and roles quickly and automatically. As a result, you can check where the segregation of duties is not being maintained as defined in important processes in order to increase compliance.
If you have outsourced subprocesses in accounts payable accounting to external service providers, process mining lets you measure the efficiency and quality of these service providers with ease and quickly implement measures to improve process quality.
Dr. Andreas Kronz
Expert BPM Professional Services
© 2023 Scheer GmbH
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