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HOW CAN YOUR FOREX MERCHANT ACCOUNTS PAYABLE PROCESSES BE AUTOMATED EFFECTIVELY?

The automation of the “accounts payable processes” is difficult because of its distributed nature. It is because of this reason that approvals are required in many levels which generates large volumes of documents that are extremely difficult to manage effectively. This not only increases the time required to process the invoices but also increases costs drastically. It is due to this reason; the best place to start reducing costs, strengthen controls and increase efficiencies is the AP processes. This article will explain some of the key elements that need extra focus to successfully automate the AP processes.

Problems with Traditional Approaches

There are several firms who have tried hard and failed miserably while trying to completely automate the AP processes. The reason for this failure is because they followed the traditional approach. Though it seems to be efficient, this traditional approach involved more costs and delivers less. It gives more importance for short term goals and strays away from core functionalities. But what is needed by the company is a strategic approach to takes paper documents out of the system.

Key Elements

The critical elements given by business leaders are:

1)    Completely paperless

2)    Full Service

3)    No hassles processing

4)    Integration of in – house systems and the extended enterprises

5)    Pay on the go

6)    Can be implemented quickly

7)    Should be adaptable to change

8)    Enterprise class

9)    Access from any where in the world using a web browser

A Good Strategic Solution

Many companies have come out with solutions for this problem keeping in mind the critical issues given by the business leaders.

The features which achieve the required level of automation are:

1)    Invoice Virtualization Centre: The Company that has to automate the AP processes receive the invoices and information from the customer in any format and converts it in to electronic form. The data capture and the document conversion will happen through any of the virtualization centres of the company. After receiving the invoice, a combination of manual data entry and OCR will be used for capturing the data in electronic form. This combination will ensure that the virtualization centre will achieve high levels of accuracy.

2)    ERP Connectors: Efficient and effective processing of invoices requires tight integration of the system with accounting or ERP systems. These systems should allow you to transfer data from and to any financial system.

3)    Vendor Portal: the automation companies should have web portals through which the vendors should be able to access their invoices at any time without needing to contact the company each time.

4)    Monitors and comprehensive reports: The automation companies should provide several monitors and reports to analyse productivity of the AP department.

Bottom Line

Several companies have tried the traditional approaches to automate the AP processes. This only fixes short term problems and increases the budgets later. The actual benefits of the automation of AP processes can be enjoyed by designing a strategic solution and implementing it. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.