The Institute of Finance and Management (IOFM) describes Accounts Payable (AP) processes as the “most time-consuming, laborious and paper-intensive finance and administrative function.”
According to IOFM data, your organization’s accounts payable processes are more demanding than your audit and reporting, tax, or payroll activities. Most AP department challenges arise from its clunky, manual invoice and paper-based processes.
Moreso, many AP departments leverage outdated practices that cause errors and delays. Despite this department’s backbreaking processes, the IOFM controllers survey says that accounts payable is the highest ranked function in business.
This department tracks down invoices and approvers data, organizing it and aligning it to your company’s budget. As per the global body that provides accounts payable and receivable education, training, and certification, the best-in-class accounts payable processes should use minimal time, be low cost, and have high accuracy.
On top of that, they should offer top-notch visibility and necessitate minimal inquiries from your suppliers. Consequently, an efficient and well-thought-out accounts payable automation system is the ideal accounts payable productivity strategy.
AP automation can address challenges such as late payments and ‘missing’ invoices. Electronic payment solutions can also tackle time wastage and enhance your accounts payable department’s performance and processes, saving you big business bucks.
Why Nipendo is the best supply chain optimization solution
While automating your invoices and payment process can improve your working capital management, there are barriers to adopting AP software. These obstacles include supplier adoption, employee change management, and platform integration with existing ERP software.
Eyal Rosenberg, the co-founder of the Nipendo e-invoicing, procurement, and supply chain efficiency platform, says that the best-of-class AP solutions should not require replacing or customization of existing ERP systems. Likewise, their integration should not necessitate the replacement of existing procurement applications.
“It (AP automation system) should be implemented within a matter of weeks and require minimal dedication of internal personnel to the task. In addition, the platform should be as close to “plug-and-play” as possible,” says Eyal.
To this end, Eyal and Alon Rosenberg launched Nipendo in 2010 to address the challenges that account payable departments face when integrating SaaS AP solutions.
“Enterprises were flooded with SaaS applications offering to replace deficiencies in their existing ERP systems, which assumed that suppliers will align and use their customer’s SaaS applications outside their existing systems. This concept didn’t make sense to us, and we know it can’t scale”, explains Eyal.
Consequently, Eyal and Alon Rosenberg designed Nipendo as an AP automation solution that supports suppliers and business interactions without the need to replace existing source-to-pay ERP systems. To illustrate this point, Nipendo’s e-invoicing (AR) module and the RFX-To-Payment intelligent hyper-automation acts as an intermediary that simplifies and streamline your interactions with your supplier base.
Then, Nipendo’s business process management, supplier relationship management, and accounts payable automation modules ensure accuracy in invoice capture and compliance with corporate policy. Finally, over and above, Nipendo’s supplier onboarding tools will support your customers in your onboarding processes and ensure they benefit from your operations.
Nipendo’s cloud-based solutions automate all procurement-related processes between businesses and suppliers, optimizing supply chain processes. In addition, they will automate all information exchange between all supply chain stakeholders capturing all interaction context and history for top-notch process governance.