Outsource Your Complete Accounts Payable Process with Mynd Solutions

Outsourcing accounts payable system has its own sets of advantages and disadvantages. Broadly, it deals with invoice or billing related processes being given to a vendor who is not directly related to any department of the organization. Often third- party organizations are approached for administering all processes related to accounts payable. In the outsourced model of Accounts Payable Process, the parent organization shares relevant data with vendor so that the vendor can perform functions –

1.       Generate purchase requests both online and offline, obtain e-approval of purchase request, generate purchase order on basis of approved purchase request, share purchase request with industry- related vendors, short –close or modify purchase order, enhance visibility of purchase order utilization.

2.       Onboard vendors, accept purchase order through online and offline mode while syncing both and maintaining a common database, ensure submission of invoice on part of the vendor, check duplicity, errors and status of invoices submitted, track invoice and status of payment in real time, submit credit notes and related documents on organization’s central database.

3.       Share acceptance /confirmation for invoice generated or received, share e-approval as per Date of Advance, e-validate invoice status during stages of processing, real time tracking of payments, centralize invoice repository, maintain real time dashboard with ready-to- generate reports

4.       Offer value added services like – integration of ERP, track SLA, configure workflow, maintain live dashboards at all offices, workstations or branches, maintain audit trails and send email alerts and notifications.

How to empower processes with AP automation?

Integrating AI into accounts payable cycle is not a task that can be achieved in a day, especially when hundreds of accounts payable processes are being carried out manually in more than one geographical location. The entire installation process has to be done in a step- by – step way. Decentralizing the existing organizational processes and introducing a layer of AI-supported functionality is the first step. The HR and finance department can step in for rolling the entire system. Secondly, manual tasks must be replaced with high technology. Paper work must be replaced with electronic systems. Accounts payable process steps are given below – creating chart of accounts, entering details of vendors, and entering bill details after thorough examination, reviewing and processing payment against individual invoices, tracking and reviewing overall processes on a weekly basis. Automation in accounts payable processes bears fruitful results in measuring expenses, cash flow management, identification and onboarding of suppliers, creating and maintaining a master file for vendors, creation and distribution of purchase order forms, adhering to existing business policies with vendors while amending the new ones, entering purchase order into systems, updating post payments, creating payments on time, following up slow- paying vendors as well as vendors who failed to revert- thereby maintaining consistency in the entire accounts payable process.

Benefits of introducing MYND Solution’s PEARL

PEARL, the renowned accounts payable automation suite by MYND Solutions eliminates the need for hiring third party vendors for outsourcing accounts payable processes. PEARL offers end-to-end functions of “procure to pay” cycle- combining both internal and external processes of a business. PEARL gives an organization the freedom to go 100% paperless, even for critical business functions. Utilizing advanced knowledge in domain, MYND’s software engineers have managed to create a path-breaking automated solution that also fits into organization’s AP budget. Equipped with advanced AP tools, PEARL, is capable of delivering best results for end to end process of accountspayable, even for organizations that comprise large scale AP processes.

PEARL, the best accounts payable automation software, thus, eliminates the following-

-          Risks of sharing and processing incomplete invoices. This in turn reduces risk of communication logjams across various mediums.

-          Risks of developing poor relationships with vendors, stakeholders and in some cases, with employees too.

-          Misuse of time and resources which could have been directed for better purposes

-          Risks of losing credibility due to non-maintenance of quality, commitment failure, lack of compliance, etc. often affect future business directly.

PEARL, rather offers the following accounts payable services – digitalization, agility and mobility related to approvals, tracking, optimization, timely invoice processing and payments, better planning and decision- making. An optimized accounts payable system under PEARL not only drives continuous improvement within the organization, especially the accounts payable workflow, but also helps the organization in exercising absolute control over all sorts of accounts payable processes. This also helps organization’s management team to deliver core services effectively, monitor results in real time, predict demands and market trends more accurately, and take better business decisions. Optimized AP processes by MYND incorporate the following departments- vendor helpdesk, mailroom, invoice processing, payment processing and record management. Automated object tracking, optical character recognition and intelligent document processing are the most used features of PEARL. With least requirements for human intervention, PEARL is a preferred account payable software across India.