Electronic Payments and ERP Integration to Unlock Enterprise Spending Woes: Report
FREMONT, CA: Corcentric, a provider of cloud-based financial process automation solutions, releases its latest sponsored research on improvements to the procedure-to-pay cycle. The whitepaper addresses the problems of visibility into cash flow and cash management and the inefficiencies of manual processes.
The whitepaper, “5 Ways Senior Finance Executives are Improving Visibility Across the Procure-to-Pay Cycle”, published by Institute of Finance and Management (IOFM) suggests an end-to-end, procedure-to-pay automation solution that can reduce half of the purchasing costs. IOFM believes use of paper processes for cash management has a negative impact on financial visibility for procurement, invoice processing and payments as key information is not being captured. The other contributors for negative impact include poor organization of data, lack of timely information, poor system integration and limited access to variables.
The research report suggests five key effective contributors to an automated solution that lay a path for better financial visibility and cost reduction, the list comprises of electronic purchase orders, automated invoice processing, electronic invoicing, invoice processing and electronic payments and ERP integration. The research shows an improved reporting analytics for a better understanding of overall enterprise spending post combining suggested capabilities.
“Lack of insight into cash management across the procurement lifecycle can have long-term and negative financial impact on an organization,” says Jim Wright, VP, Sales, Corcentric. “This new research provides executives with a clear pathway forward to improve efficiency and reduce costs for enterprise spend, allowing for better decision making and regulatory compliance.”