Manage Cash Flows Today – ACMO – Invoice Process Automation
What do you call a contract between buyers and sellers that identifies precisely what items the buyer agrees to purchase, the price of each item, and the terms of delivery and fulfilment? You guessed it—a purchase order.
Why use purchase orders? Essentially there is a layer of protection as they are legally binding documents, so suppliers can establish trust with your company and offer you favourable terms, helping you manage your own cash flow.
Buyers generate purchase orders that communicate all the relevant information a supplier wants to know to fulfil the order.
The purchase order includes information such as the following:
- Purchase order number - this is the number you and your supplier will refer to from order taking to order delivery and potential product returns. Each PO number is unique.
- Payment terms and invoicing address.
- Delivery details: delivery dates, address, instructions.
- Cost per unit, quantity, total, taxes and discount options.
- A variety of customisable fields relate to the service the supplier offers.
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Purchase orders help you get answers.
What are you spending your money on exactly? Can you find out that information fast? How can everyone in your company be on the same page like a well-oiled machine? Why chase these improvements? What is the competitive advantage?
The bottom line is that the better you manage your cash flow and inventory velocity, the more likely you will have cash on hand when needed. Accounting business practices incorporating process automation for purchase orders and invoices streamline your systems to uncover these hidden profits.
How does intelligent automation help with Purchase Orders?
In every organisation, materials, supplies, and products arrive regularly; it’s part of business life. Ask yourself, what is the workflow for how this is handled currently, and possibly could some software make this process easier, saving people time and money at the end of the day?
Intelligent automation for purchase orders helps you get results and avoid guesswork.
IA knows how and when to pay your suppliers on time, which leads to better long-term supplier relationships. You can also plan better for future purchases, knowing you will have the appropriate amount of money available in the purchase order system and how many items to order to optimise demand and storage.
Interfaces that appeal to all your users also make it more likely that everyone can enter information easier and find out information quicker. IA makes getting work done fast; with machine learning and blindingly accurate processing, your entire company can manage back-end processes with ease and simplicity.
Improve your inventory management to control cash flow better with efficient purchasing processes
Purchase orders facilitate a record-keeping process with vendors. You can use intelligent automation to gain insights into your vendor performances. IA also allows you to plan your spending to manage cash flow optimally. Purchase orders give you immediate visibility into upcoming payment obligations, so you can better understand your current cash flow situation in real-time.
Bringing accounts payable automation together with purchase management is the next step for a digital transformation project: purchase orders out and Invoices in. IA can often manage this finance process without human intervention and with superb accuracy. Anything that IA flags as needing checking is notified to users, but the majority of work is already done. This automation synchronicity saves so much time and creates a stress-free process for stress-free business as usual.
Book a 30 minute discussion with us so we can find out how to help you accomplish more.