Invoice processing shouldn't be a burden for you and your team. If it is, then it's time to make some changes. Let us introduce you to a tool that can: ⚙️: Automate tedious tasks like data entry and file sorting. 🏃: Speed up workflows by breaking through approval-related…

Looking for more help with your P2P processes? We look at how the right tools can help here:

And lastly, let's look at how we can improve these metrics.

4. Supplier lead time - Supplier lead time is the length of time between a supplier receiving a purchase order to the delivery of the goods. If suppliers are the ones causing delays, supplier lead time can help you identify the issue and evaluate the ongoing relationship.

3. Percentage of invoices matched automatically- Automatic matching of invoices and purchase orders drastically speeds up the P2P process. If there is an automatic match, no manual intervention and extra resources or time are needed.

2. Invoice process time and accuracy - Process time is the length of time it takes to get an invoice from initial receipt to approval. Invoice accuracy measures the number and frequency of errors like incorrect amounts or discrepancies with purchase orders.

5. Payment approval and recordkeeping Payment is the final step in the purchase to pay process. After invoice matching and approval, payment of the invoice is scheduled and paid by electronic funds transfer (EFT), bank transfer or credit card.

4. Invoice verification- The supplier sends an invoice along with the order to request payment for the goods or services. Invoice matching involves taking the invoice and comparing it with the purchase order and delivery receipts.

3. Receipt of goods and services - Accounts payable staff reviews the delivery ticket or service agreement to make sure it matches the purchase order. Detailed recordkeeping is important, to avoid discrepancies between what was ordered, received and billed.

2. Purchase order creation - Once the supplier is selected, the procurement team creates a purchase order that outlines details like quantities, pricing and delivery dates. This legally binding document ensures both parties are clear on the terms.

The purchase to pay (P2P) process is at the heart of any organization’s procurement and accounts payable strategy. Let's look at each stage of the P2P processes and then look at how we can optimize.

A content management system is not going to solve your problems if what you really need is a document management one -- and vice versa. Despite the terms sometimes being used interchangeably, the difference in these tools is critical to understand:

Curious how you can set this up yourself? We go over it in our latest blog: