Oracle AP Automation Software for Faster, More Efficient Accounts Payable
Are you using your Oracle accounts payable system to its fullest? If you’re measuring your invoice processing cycle in weeks rather than days – or routinely missing out on early payment discounts – you may need to rethink your approach. Oracle AP automation tools from IntelliChief can help.
Why Automate Accounts Payable?
It’s always difficult to change the status quo – especially when you’ve had a system in place for years and years. But, especially when it comes to software and technology, things advance quickly.
When you first adopted Oracle, it may have been the perfect solution for your Accounts Payable department. PeopleSoft and E-Business Suite make it easy to cut checks and schedule payments – but as you know, that’s just a small part of the Accounts Payable process. As your company grows (and conducts a higher volume of transactions), you may find it more and more difficult to keep up.
That’s not unusual – but it’s not good for your organization. Robotic process automation is one way to deal with increasing AP workloads, without having to hire additional staff. IntelliChief’s Oracle AP automation software can handle low-value tasks (like collecting invoices and entering them into your accounting system) so that your employees don’t have to. In many cases, our solutions can even process your invoices straight through, without any effort from your team.
Plus, there’s accuracy to think about. Even the most highly trained employees can hit the wrong key from time to time. It’s unavoidable but having to find (and correct) these errors can increase your Accounts Payable cycle time. With software handling your data entry, you won’t have to worry about any of this. You’ll have the right information, right from the start.
The Financial Benefits of Oracle AP Automation
This increase in productivity can produce direct – and often dramatic – cost savings. By reducing your accounts payable cycle time, AP automation can help you capture a higher percentage of early payment discounts.
Some food for thought:
- How many invoices did you process last month?
- How many of those invoices offered an early payment discount?
- How many of those discounts did you actually take advantage of?
If you paid $50,000 in invoices, and each one offered a 2 percent discount for paying within 10 days, you just left $1,000 on the table. The more invoices you have to pay – and the higher the discount percentages – the more you’d be able to save.
The best part: you don’t have to make any major changes to your current workflows. IntelliChief works directly with Oracle to confirm vendor discounts, check payment terms, and schedule payments.
Increased Visibility Into Your Accounts Payable and Financial Workflows
Another benefit of AP automation: increased visibility helps you get a more complete picture of your company’s cash flow. Invoices that haven’t yet been entered into Oracle aren’t counted toward the “big picture” – but they still need to be accrued.
With IntelliChief for Oracle, invoices are processed almost as soon as they’re received. (Read: they won’t sit on a processor’s desk, untouched, for days on end.) This helps bridge the gap between Accounts Payable and Finance, giving you a much more accurate idea of your spending and liabilities.
IntelliChief’s AP Automation Solutions for Oracle PeopleSoft and EBS
IntelliChief’s AP automation tools are the perfect complement for your PeopleSoft or E-Business Suite ERP. Not only can our solutions integrate with Oracle right out of the box, but they can work with any and all modules that you use across your entire organization. That means that if you’re using Oracle for Accounts Payable, Accounts Receivable, and Order Processing, you can use IntelliChief in each of those departments as well.
Want to see our Oracle AP automation solutions in action? Contact us today or request a personalized software demo. We’ve helped countless organizations completely transform their Accounts Payable departments – and we’d love to help you do the same as well.