Accounts Payable (P2P Process)

Turn AP into a profit center by maximizing your working capital”.   

Paying to the vendor who supplies good or provides services is the basic and one of the most important business functions in any organization. This function is the part of core Procure to Pay or Purchase to Pay (P2P cycle) and is taken care in Accounts Payable Department. If Suppliers are paid on time, it directly or indirectly supports supply chain management and warehouse department and ensures production on time and thereby increasing sales revenue.

Major activity in P2P Process is Vendor Invoice processing and ensuring vendors are paid on time)

• Vendor Invoice Processing (Manual & Automated)
  • Purchase Order Invoice Processing
  • Non Purchase Order Invoice Processing
  • Freight Invoice Processing
  • Check Request & Employee Travel Reimbursement Processing
• Vendor Master Record Maintenance
• Payment Run – Cash Management Department
• Vendor Reconciliation
• Vendor Quires & Help Desk

• • Spending less on manual invoice processes.
  • Turn AP into a profit center by maximize your working capital by enjoying early vendor discounts from 2 to 4%.
  • Faster payments / No late-payment penalties.
  • Early payment discounts (or) Quick-pay discounts from 2 to 6% of invoice.
  • Lowering invoice processing costs, from USD $ 26 to $ 5.
  • AP automation can save a company an average of $ 16 per invoice or more depending on the size of your company.
  • Eliminate duplicate payment. / Improved accuracy. / Greater collaboration.
  • Cycle Time (TAT) normal cycle time for processing vendor invoice manually is 3 to 5 days, with automation it will be within few hours.
  • High volume of invoice processed within a short period of time.
  • Improving cash flow management.
  • Centralizing and streamlining processes to improve efficiency of invoice payment.
  • Improved Cycle Time (TAT)
  • Automation of AP can save USD $ 1.26 million (Processing 60000 AP Invoices per year)
  • Justification to client why outsource – VBRO INFOTECH – Shared Service Centre(SSC)

• Recommend to Manufacturing Companies & CPAs
• Improved performance and high accuracy level
• Savings on time, manpower, systems, salary and overhead expenses

1. Greater focus on core functions.
2. Faster payments / No late-payment penalties.
3. Early payment discounts (or) Quick-pay discounts from 2 to 20% of invoice.
4. Eliminate duplicate payment.
5. Improved accuracy.
6. Greater collaboration.
7. Improved scalability.
8. Reduced risk of fraud / improved financial monitoring.
9. Expedite approval – enable quicker decision making and greater information security.
10. Cycle Time (TAT) normal cycle time for processing vendor invoice manually is 3 to 5 days, with automation it will be within few hours.
11. SOX compliance support.(SOX Audit) comply and audit more easily.
12. Improving overall health of the AP department through better control of cash flow and posting processes.

Electronic invoicing (e-Invoicing) is the exchange of the invoice document between a suppliers and a buyer in an integrated electronic format. Traditionally, invoicing, like any heavily paper based process, is manually intensive and is prone to human error resulting in increased costs and processing lifecycles for companies.

• Structured invoice data issued in Electronic Data Interchange (EDI) or XML formats.
• Structured invoice data issued using standard Internet-based web forms.

Digitized images of invoices based on formats such as PDF. The greatest benefit with this type of e-invoice is simplicity. The sender sends an image of the invoice as an email invoices attachment. The receiver can process the e-invoice using the same procedure as with regular, paper.

It helps us to approach a new client with fully automated accounts payable solution.  It also helps us as follows:

• Justification to client why he has to has to outsource – V’BRO INFOTECH Shared Service Centre.(SSC)
• It means increases productivity and efficiency.
• It means fewer mistakes.
• It’s means user friendly.
• It reduces costs.
• Increased visibility, control, and accountability Instant access, anytime, anyplace nothing will ever be lost again.
• It integrates seamlessly with other services accurate financial reports.
• It reduces the workforce.
• It helps you avoid late payment fees.
• Eligible for early payment discounts up to 20%.
• It prevents fraud.
• It makes it easier to forecast your cash flow.
• It improves your bottom line.