PROCURE TO PAY SOLUTIONS

P2P Automation streamlines Accounts Payable (AP) processes, improves accuracy, improves speed and efficiency, and reduces operational costs. Hence P2P Automation assumes high importance in Finance & Accounting section of a business.

Just-in-Time (JIT) production or manufacture paradigm requires the supplies inventory to be maintained at certain threshold level so that the product is built and delivered to the customer just in time. To realize JIT manufacture, the vendor supplier should be able to meet the Takt time or the product assembly time duration of the manufacturer to match the product demand from the customers.

This paradigm is mostly followed by manufacturing businesses to alleviate costs associated with huge inventories and ware housing of finished products. A healthy and happy supply chain is of paramount importance for JIT manufacture to function at optimal speed and efficiency.

P2P Automation fuels the functioning of a highly agile yet robust supply chain such that payments for supplies received are made to the supply chain vendors within stipulated timelines and the next batch of supplies is received, as and when required by the business.

When the P2P process is automated, the usual bottle necks related to paper-based processing and approvals are eliminated. The processing right from Purchase Order to Invoice receipt and Invoice processing, to 2/3 way matching, are all automated. As a result, the payment is released to the supplier vendor within a stipulated time, say 3 days, which positively influences vendor relations.

P2P Automation immensely supports faster invoice processing and all related processes, including reconciliation. In a close knit value chain, P2P Automation ensures that Purchase Orders and Service Orders are digitally stored and their content is incorporated in the core systems through Intelligent Document Processing. It also ensures that the digitized versions of all the related documents including Invoices, Service Received Note, Contracts, and Agreements are stored and referenced correctly in the databases to ensure traceability as well as support audit work and compliances.

The end-to-end automation of the P2P process ensures that as soon as an invoice is received after procurement of a batch of goods, the payment is released within a stipulated time as per the standard operating procedure. Smart invoice processing powered by P2P Automation ensures faster processing and end-to-end traceability at all times.

A business usually has a certain portion of their executives, including business leaders, sales personnel, field executives, etc., always on the move. They need to settle their out-of-the-pocket expenses within stipulated timelines as prescribed by their enterprises. Travel & Expense Management is an out-of-the-box digital platform offered by Datamatics that allows business executives on the field to digitally capture details from invoices, receipts, and toll receipts and route them to the Finance & Accounts department of their business through their approval hierarchy. It allows them to submit expense vouchers in a digital format and settle claim amounts right from the field.

A manufacturing business enterprise exclusively depends on their suppliers and vendors to deliver their product orders on time. The P2P Automation enables them to quickly make payment for the supplies received, forms the backbone of the Supply Chain Management, and empowers them to gain a competitive edge in the product market.