What is Procure-to-Pay (P2P)?
Procure-to-Pay (P2P) is a streamlined process that encompasses the entire lifecycle of acquiring goods or services, from initial requisition to final payment. It is designed to improve operational efficiency, reduce costs, and enhance visibility across procurement and payment workflows.
Benefits of choosing AABP solutions
Requisitioning
- Digitally managing purchase requests with automated approval workflows.
Purchase Order (PO) Automation
- Automatically creating and sending POs to suppliers based on approved requisitions.
Invoice Automation
- Simplifying manual invoice processing through OCR technology and automated data entry.
Invoice Matching
- Matching supplier invoices with POs and delivery receipts to ensure accuracy.
Payment Processing
- Executing payments using optimized methods (e.g., ACH, virtual cards) based on supplier preferences.
Data Integration
- Seamless integration with ERP and accounting systems for tracking and reconciliation.
Benefits of P2P Systems
Facilitates on-time payments and transparent communication with suppliers.
- Minimizes invoice processing costs.
- Reduces spend leakage through enhanced oversight.
- Leverages early payment discounts and optimized payment methods.
Reduces human errors in data entry, invoice matching, and payment execution.
- Maintains an audit trail for transactions.
- Ensures adherence to procurement policies and supplier agreements.
- Maintains an audit trail for transactions.
- Ensures adherence to procurement policies and supplier agreements.
Why is AP Payments as a Service Important?
Specializes in invoice capture and payment automation for mid-sized companies.
Offers comprehensive automation solutions, including invoice processing, approval workflows
Specializes in invoice capture and payment automation for mid-sized companies.
Specializes in invoice capture and payment automation for mid-sized companies.
Specializes in invoice capture and payment automation for mid-sized companies.
Problems Solved by P2P Automation
Manual Inefficiencies
Reduces time-intensive tasks like invoice matching and approval routing.
Lack of Visibility
Provides real-time dashboards for tracking procurement and payment activities.
Fraud Risk
Implements robust controls and fraud detection mechanisms.
Maverick Spending
Controls off-contract or unauthorized purchases.
Features Automated in Payment Automation Solutions
ROI of P2P Automation Bigger Faster
Cost Savings
Invoice processing costs reduced by up to 75-80%.
Time Savings
Faster requisition, approval, and payment cycles.
Improved Cash Flow
Better timing for payments to capture discounts and optimize working capital.
