The finance department plays a critical, yet understated role in an organization’s success. Having moved far beyond simply pushing paper, the Accounts Payable (AP) function has become more strategic contributing to a company’s long term success.
AP has moved away from exclusively processing transactions to managing vendor relations, spend optimization, and identifying cost reductions. Ultimately they’re also responsible for maintaining good cash flow. Without it, growth can be derailed or worse, businesses can fail.
As priorities shift towards business-critical matters, AP departments are looking for solutions to simplify and streamline key financial processes, like invoice automation. And with good reason. The accounts payable process or function is immensely important since it involves nearly all company's payments outside of payroll.
Regardless of the company's size, the mission of accounts payable is to pay only the company's bills and invoices that are legitimate and accurate. This means that before a vendor's invoice is entered the accounting records and schedules for payment, the invoice must reflect:
what the company had ordered
what the company has received
the proper unit costs, calculations, totals, terms, etc.
To safeguard a company's cash and other assets, the accounts payable process should have internal controls. A few reasons for internal controls are to:
prevent paying a fraudulent invoice
prevent paying an inaccurate invoice
prevent paying a vendor invoice twice
be certain that all vendor invoices are accounted for
Oryx Technology as a Lexmark/Kofax partner offers a broad range of functionality, solutions and services for AP Automation for SAP, Oracle and Microsoft Dynamics ERP customers.