When a company invests in an enterprise resource planning (ERP) system, it points toward the company's growth aspirations. If you are a fast-growing company that has just implemented its first ER system, you must be looking for a way to make the most of your investment. Simply implement it along with an effective AP Automation/Electronic Invoicing solution. Wondering why? The two systems attain optimum efficiency when they work together. Any business operation is the sum total of a variety of processes including human resource management, procurement, accounting, customer service and the likes. When working in conjunction both systems complement each other in capturing, storing, managing and analyzing data relating to diverse business processes of your company. This, in turn, helps streamline the overall operation.
ERP and AP Automation – Both Have Their Limitations
ERP systems can generally handle some very basic e-invoicing and requisitioning tasks. However, there are many aspects relating to the accounts payable process that ERP cannot handle at all. These include contracts and sourcing, among the others. This limitation becomes even more prominent when the company starts to grow rapidly and managing finances become increasingly more complicated. One way to mitigate this issue is to use an ERP system that is capable of addressing the company’s core financial processes. However, again it will be a big mistake to expect your ERP to do everything for you.
Pairing Boosts Functionality of Both
As your business keeps growing, there comes a point when you may want your ERP system to automate completely. This is the time when you may want to upgrade your ERP system. This time don't go halfway, instead embrace an AP Automation solution. Implementing both systems together may take a good deal of time and planning, but having both will help you reap more profits in the long-run. On the other hand, if you implement your ERP solution and AP automation systems separately, it could result in repetition and duplication of work. Why waste your valuable time? You’ll be happy later, as it would help you address loopholes in core financial processes.
AP automation and e-invoicing solution helps boost the functionalities of your ERP system by supplying it with good clean data right from the start. The paring of the two systems thus facilitates the most efficient automated handling of all of your company’s business processes.
Looking to boost your business operations? Contact us here. We offer both AP automation and ERP system for mid-sized to Fortune 500 companies.