Established businesses in any industry that are ready to grow need an enterprise resource planning platform (ERP) that gives them greater efficiency, flexibility, and insight. A state-of-the-art system should run in the cloud and handle all their needs, from managing production processes and their supply chain - including sales, inventory, purchasing, financing, and manufacturing - to financial management across multiple sites or multiple countries.
Sage X3 is such a cloud-based ERP platform, delivering delivers real-time data visibility to streamline processes and enhance strategic decision making. It delivers even more bang for the buck when it’s integrated with a specialized and powerful system for purchase-to-pay automation like Yooz.
Automated financial systems are a proven way to get the most out of an ERP investment since they allow an organization to integrate invoice processing into their workflow, from issuing purchase orders to initiating payments. As a certified Accounts Payable (AP) automation solution partner, Yooz unlocks significant time and cost savings with its Sage X3 accounts payable workflow. What’s more, it helps generate financial intelligence that impacts the bottom line.
How the Best AP Automation Solution Augments Sage X3
In times of frayed supply chains, persistent staffing issues and rising costs, every company stands to benefit from digitalization and automation. Moving away from paper-based processes can address all three of those challenges, resulting in a fast, secure and scalable purchase-to-pay workflow. That’s because a purpose-built platform for AP automation is optimized for handling invoices and cash management.
Are you an established businesses looking for what AP automation to supercharge your Sage X3 accounts payable workflow? Here are five aspects worthy of your focus:
- Multichannel capture: Purchase orders and invoices are captured by the system as they come in, regardless of their format or whether they contain structured data or not. The images of each invoice are automatically pushed to the ERP system.
- Intelligent Extraction: AP automation provides straight-through processing that requires little to no human touch. Robotic process automation and machine-learning algorithms read and index each document, assigning correct GL codes, and performing three-way matching that ensures specific details across multiple forms are correct.
- Frictionless routing: Once an invoice is processed, it’s automatically routed to the right people for review and approval. Exceptions such as invoices missing data or containing suspicious entries are flagged so they will quickly be addressed by AP experts. Mobile access means invoices can be approved anywhere, anytime on a mobile device.
- Convenient and secure B2B payments: AP automation allows for scheduling and initiating payments to vendors right inside the same interface. It’s not only a flexible and secure way to pay, but can also unlock a new revenue source through cash-back for early payment or payment by virtual card.
- Export and Reconciliation: Once an invoice is paid, the updated information is automatically pushed to Sage X3, so purchase orders can be marked as paid. Syncing historical data is also part of the feature set, making the path to digital transformation as smooth an experience as possible.
Why Accounts Payable Automation Saves Time and Money
A tight and seamless integration between an ERP business cloud and an AP automation platform yields many immediate benefits, starting with processing costs per invoice decreasing by as much as 80% and cycle times measured in days or hours instead of weeks or months.
Financial intelligence gleaned from each invoice and pay cycle lets an organization gain timely insights to improve control over and optimize its cash position, for example the ability to predict when invoices that they sent out are likely to get paid.
The combined power of automation plus Sage X3 will also enhance existing sales processes. It allows companies to communicate better and faster with their key vendors and customers, strengthening important relationships.
In the final analysis, real-time insights derived from a secure and scalable purchase-to-pay process translate into a better competitive position. That’s the clout in the cloud every established business should tap into.