Pyrus Accounts Payable Solution
Request a Demo
Reduce human factor
Get approvals in minutes, not days. Supply your decision makers with one-touch mobile approvals solution.
Do more with same headcount
Automate workflow from capture to payment. Define business rules and handle exceptions instead of keying or manual matching.
Turn AP into a profit center
Maximize your working capital by enjoying early vendor discounts and spending less on manual processes.
Collaborating for faster invoice processing
In the past, finance and operations departments have been siloed off from each other, operating independently without much attention to what the other was doing. But a worthwhile procurement and accounts payable software solution ties them to each other effectively so that they can collaborate and move forward together in a synergistic manner.
Nowadays, CFOs are developing more strategic approaches to their cost and budget management, taking the lead in overseeing procurement functions. They are building transparent, streamlined procure-to-pay operations in their organizations by remastering their business processes and investing in new collaboration technologies. Both accounts payable and procurement functions benefit when they can collaborate harmoniously.
True cooperation between accounts payable and procurement yields greater cost savings, improved processes, and better compliance. It’s too important to ignore.
Monitoring the process
Software for invoice processing automation ought to provide easy-to-understand metrics for measuring process performance. While it’s not necessary to track those metrics daily, we suggest holding a weekly meeting with people from finance and operations departments to discuss key performance indicators. It may be done less frequently down the road, perhaps once a month, but we strongly advise that these committee meetings are established on a permanent basis.
Here are some examples of most valuable reports used to monitor the health of invoice processing performance:
- breakdown of the invoice pipeline by due date, number of invoices, their totals, region, or expense type;
- breakdown of the missed invoices by date;
- average invoice processing time by invoice type;
- top spend categories;
- top vendors.
Your accounts payable automation software should operate on the principle that faster invoice processing time is not always good, but less effort is always good. Speedy processing time may be convenient for the human employees involved in the workflow, but it can also lead to problems that cost your organization time and money. Whether it’s the quick payment of fraudulent invoices or the missed payment of legitimate invoices, speed too easily leads to mistakes.
Less effort, however, means that human employees will lean into a software solution that can effectively reduce the burdens associated with task management. When it is unambiguously clear who in your organization is responsible for a given task at any given time, your work moves forward without issue.
We are invested in making sure that our software meets every single one of your organization’s needs. If you want a free demo of Pyrus, customized and personalized to your business specifically, then please fill out the form below and one of our customer success associates will get in touch right away.