Purchase Orders

Introduction

Purchase Order (PO) creation and distribution is an obvious inefficient and manual task within any organisation that requires onerous communication. Cloud solutions can help integrate, streamline, and automate the full end-to-end process, as part of a fully integrated system.

Typical Problems

The traditional PO process can be fragmented, with added complexity from the distinct types of purchase invoices required, which in turn requires manual intervention and re-keying of data to convert POs into Purchase Invoices, causing significant delays and duplication of effort.

Without integrated systems, verifying incoming invoices and crosschecking them against POs can be cumbersome and inefficient, leaving businesses susceptible to errors and at worst invoice fraud.

A lack of control and oversight in the purchasing process can lead to budget holders mistakenly overspending and requires the finance team to create and issue onerous reports to keep them on track, which is often too late.

Solutions

Implementing a cloud solution ensures smooth data flow across all your finance systems, ensuring a sole source of truth for all teams across the entire organisation.

Full integration drives greater efficiencies through intelligent automation, 3-way matching, and optical character recognition (OCR) software can further reduce the need for manual processing and rekeying of data and identifying different transactions and types of invoices to ensure they are managed correctly.

Custom-built approval processes become easy to build and manage, allowing for complex multi-stage approvals and notifications for managers, all the while giving the finance team full visibility at all stages.

Additionally, a wealth of reporting tools offers standardised and advanced reporting capabilities to track the key metrics through user-friendly dashboards and shareable automated reports ensuring accurate real-time visibility of any outstanding debt.

Benefits/ROI

A fully integrated cloud-based solution provides a single platform to access real-time accounts information and status’ ensuring fully informed decisions at all stages.

With modern cloud-based solutions, there is less manual intervention required, and a reduction of errors as the information will only be keyed/scanned in at one point driving greater efficiencies across the entire process, and reducing your FTE requirement.

Integrated workflow and reporting tools give the finance team complete visibility and traceability of the entire process allowing for quicker resolutions while an accurate live budget reduces any potential overspending.