Procure to Pay (P2P) Software
21-09-2023 7 minutes read
Introduce Procure to Pay (P2P) Software and Unlock Multiple Benefits in Your Business
Improve the speed, accuracy and transparency of invoice processing and outbound payments with Serrala procure to pay software:
1. Increase Process Efficiency with embedded P2P automation
By incorporating automation and digital processes into your Procure to Pay workflow, you can streamline and automate manual steps. This reduction in manual work allows your team to allocate their time towards more valuable tasks and activities.
2. Reduce Risk of Payment Delays
Make sure early payment discounts are realized.
3. Enable Account Teams with Real-Time Data
Benefit from real-time visibility into data and generate insights to improve the way you procure goods and services from suppliers.
4. Mitigate Risk and Ensure Compliance, Globally
Comply easily with global regulations and technology standards, opening up a world of opportunity to trade and business.
5. Improve Days Payable Outstanding (DPO)
Improve your cash flow by optimizing your DPO and monitor key performance indicators to drive smarter financial decisions.
6. Reduce Risk of Payment Fraud
Introduce automation to limit the risk of payment fraud within your P2P process.
Maximize Cost Efficiencies Through P2P Automation
Introducing procure to pay software for an organisation’s procure to pay process is the first step in maximizing cost efficiencies across suppliers from multiple markets. In today’s world, where procuring goods and services is increasingly volatile, an automation solution can help to strengthen supplier relationships that can foster better commercial arrangements.
By implementing P2P automation, an end-to-end efficiency is introduced into the P2P process which allows suppliers to transact easily with your organization. By doing so, you can do business with more suppliers in more countries worldwide.
Common Procure to Pay Challenges Typically Faced by Large Organizations
- Large volume of suppliers from multiple markets, with no formal process submitting invoices and maintaining accurate master data
- Thousands of manually processed invoices, received in a variety of formats in a variety of ways.
- Management of a variety of complex payment requirements, across countries, currencies, and document formats, all with varying regulatory requirements.
- Disconnected teams and technologies that make processing vendor payments challenging across locations, countries, and systems.
Automate P2P Processes and Improve Days Payables Outstanding (DPO)
Serrala Procure to Pay software incorporates dynamic Robotic Process Automation (RPA) and Machine Learning (ML) capabilities to automate repetitive processes – allowing your team to spend their time on higher-value tasks, utilizing intelligence and data from solutions to increase efficiency and value within your AP department.
Our Procure to Pay software solutions offer exceptional process efficiency and flexibility with mobile and cloud capabilities coupled with tight end-to-end security. These cutting-edge solutions empower users by providing real-time reports and seamless online access to supporting data and documents, significantly enhancing processing speed and communication with internal stakeholders, suppliers, and auditors on a global scale.
What You’ll Gain from Our Procure to Pay Software
Learn more about our solutions for the procure to pay cycle:
Automated Accounts Payable
Serrala Accounts Payable Automation solutions standardize and centralize invoice processing, so organizations can increase efficiencies and reduce the cost of processing invoices globally. Our solutions use intelligent robotic automation to automate invoice processing from initial invoice capture, through processing and reporting. It provides organizations with innovative cloud-based components that improve the speed, accuracy, and transparency of invoice processing. The solutions also provide the organization with real-time, accurate information on invoices, regardless of where they are in the process, so companies can process invoices quickly and pay suppliers on time.
- Intelligent capture of invoices in multiple formats (paper, PDF, XML, EDI, etc.)
- utomatic validation of invoice information against systems of record and other sources.
- Streamlined invoice processing, approvals, coding, and exception handling with embedded RPA (Robotic Process Automation) and machine learning (ML).
- Real-time information on invoice status with easy web and mobile access.
- Robust Accounts Payable dashboards and reports.
Check out our AP automation software:
- AP Automation software for SAP
- AP Automation in the cloud
- AP Analytics
- Next level invoice capture
- B2B Vendor Portal
- Journal Entry for SAP
- Centralized processing of all outbound payments including payment runs, ad hoc payments, or urgent bank payments across all enterprise systems.
- Access to payment information via mobile app.
- Automated creation, approval, and signing of payment runs with RPA.
- Intelligent payment approval and splitting processing based on payment type, location, or other criteria.
- Support for multiple global payment formats (SWIFT, EBICS, H2H, etc.) with tight end-to-end security.
- Seamless integration with all systems (HR, TMS, ERPs), banks, financial institutions, and payment service providers.
- Automated payment fraud monitoring on all outbound transactions.
Check out our Payments software:
Read some inspiring success stories from our customers:
Frequently asked questions
What is Procure to Pay?
Procure to Pay (P2P), sometimes referred to as procurement to pay, refers to the process of requisitioning, receiving, processing, and paying for goods and services from suppliers within a business. Procure to Pay is sometimes confused with Order to Cash, which relates to the process of fulfilling a customer order.
Is procure to pay the same as Accounts Payable?
Procure to Pay (P2P) encompasses the end-to-end process of procuring goods or services, while AP focuses specifically on managing and processing invoices and payments to suppliers. AP is a subset of the broader P2P process, as it represents a crucial stage within the overall procurement cycle.
Why is procure to pay important?
The procure to pay cycle plays a significant role in the overall efficiency and effectiveness of an organization’s procurement and financial processes. P2P manage cost control and savings, operational efficiency, compliance and risk management, supplier relationship management, data visibility and analytics, and cash flow management.
What are the benefits of Serrala Procure to Pay software solutions?
Increase process control and automation with the seamlessly integrated Serrala Accounts Payable and Payment solutions. Our software will improve process speed and accuracy with intelligent invoice capture and a self-service portal that provides your vendors with real-time invoice status updates and streamlined communications. Process invoices quickly and accelerate payments with intelligent workflows, direct connections to your banks and automatic payment formatting. The solution intelligently monitors every outbound transaction for potential payment fraud.
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