SK Global Software & SignUp Software: End-to-End Accounts Payable Automation
SK Global Software has partnered with technology leader SignUp Software to create an end-to-end accounts payable automation solution that streamlines the entire AP process. With the ExFlow product, accounting departments can enjoy increased speed, profitability, efficiency and control over their critical accounts payable workflows while enjoying peace of mind that their critical financial activities are supported by industry-leading technology solutions.
How Do These Solutions Work?
As opposed to leveraging inefficient and error-prone manual processes for accounts payable, SignUp Software’s ExFlow solution works to automate the invoice and approval process, and SK Global Software streamlines the actual payment, ensuring the speed, accuracy and security of the transaction.
SignUp Software’s ExFlow product and SK Global’s Banking & Treausury Automation Suite integrate directly with Microsoft Dynamics 365, enabling real-time tracking of payments based on the company’s own enterprise resource planning data.
The ExFlow Process: ExFlow works to automate the process before the payment takes place, using five specific steps:
- Paper invoices are scanned and included in the digital workflow, where files are imported into the Dynamics 365 platform.
- ExFlow suggests a specific approval flow based on the company’s predetermined approver rules which take into account the supplier, accounts, dimensions, amount limits, and other standards. ExFlow sends an automated email to the first approver.
- ExFlow enables accounts payable staff to view and glean insights pertaining to all invoices, including historical documents and those awaiting approval.
- ExFlow sends automated emails to notify approvers about invoices. Administrators can change or amend the approval path at any time.
- Approvers can leverage ExFlow’s approval history data to view invoice codes or older invoice documents without needing intervention from the accounting department.
Once invoices go through ExFlow’s streamlined, automated approval process, the Banking & Treasury Automation Suite takes over, handling the actual payment through our industry-leading, secure payment portal. Our user-friendly payment processing portal supports fully secure, real-time payment posting by Dynamics 365, ensuring that the correct payment amounts are delivered to the right recipient through the most efficient payment path.
Key Advantages: Why Apply Automation to Accounts Payable?
Currently, many companies use a manual approach for their accounts payable process, which increases the chance of costly errors and lengthens the time for successful payment posting. The alternative here is to utilize AP automation, which brings several critical benefits to the table:
- Efficiency: Supporting accounts payable with automation considerably boosts the efficiency and overall management of one of the most resource-intensive corporate activities. By eliminating unnecessary and drawn-out manual processes, invoices can be approved and payments sent in a fraction of the time.
- Accuracy: Eliminating any manual processes also cuts down on the chances for human error, which in the accounts payable department can result in misplaced invoices, duplicate payments and the expenditure of considerable time and effort to amend these mistakes. Automation helps remove the need for human intervention, thereby increasing the overall precision of the accounts payable process.
- Cost savings: When companies spend less time on manual accounting process – as well as less time tracking down payment errors – the result is considerable cost savings. Automation has the potential to reduce the cost of individual invoice processes by as much as 50 percent, and the savings only increase over the course of the fiscal year.
- Compliance support: End-to-end automation also helps ensure that company accounts payable processes remain in line with the most current industry compliance rules, reducing the chances of high non-compliance penalties.
- Security: Accounts payable automation technology is supported by the most advanced protection measures, ensuring payments reach recipients quickly and securely, while providing peace of mind for your accounting department.
Benefits for the Accounts Payable Department:
- Invoices are automatically checked against internal company approver rules, as well as industry compliance regulations.
- Accounts payable automation ensures that every invoice is matched against initial purchase data and order forms, supporting accuracy.
- End-to-end visibility means stakeholders always have the granular control they need over the accounts payable process.
Benefits for the IT Team:
- Streamlined deployment eliminates the need for complex and time-consuming system integrations and configuration.
- Familiar interface reduces the need for user training while supporting mobile accessibility and overall security.
True AP Automation with Vendor Payment Automation and ExFlow AP Automation
This level of complete, end-to-end accounts payable automation simply isn’t possible with any other technology. ExFlow facilitates all critical processes required to enable invoice payment, including streamlining the approval process while providing the necessary visibility to accounts payable stakeholders. SK Global Software supports the payment transaction, allowing for fast, secure and accurate payment posting.
And because these integrated products are Microsoft Dynamics-specific solutions, users can take advantage of a fast deployment free of multiple integrations, as well as a familiar and secure interface that puts all critical accounts payable capabilities at users’ fingertips.
Together, SK Global Software and SignUp Software create true, end-to-end accounts payable automation.