Oracle Cloud Financials allows for a synchronized source-to-pay process that will help you control supplier spend, and produce better results with intelligent process automation. Organizations already live on Cloud or considering a move to Oracle Cloud want to find automation opportunities which allow for new efficiencies to be gained. Automating routine financial processes can free up full-time employee hours so that your resources have more time for analytical, value-add work. Below, we’ll dive into the benefits of automating your payment processes in Oracle Cloud.
Streamlining source to pay starts by having intelligent processes in place. Automating can help Accounts Payable (AP) departments and mangers make intelligent payment decisions through touchless invoice validation, entry, and reconciliation.
Streamlining the purchase order process can be done by having suppliers manage their own order-related tasks such as providing acknowledgments, advanced shipping notices, and change requests. In Cloud, all supplier change requests are tracked, routed, and approved to ensure controls are maintained. You can reduce inappropriate purchases by configuring policies and continuously monitoring compliance.
Automated processing of supplier invoices will allow you to gain control of business risks by relying on complete Purchasing integration, and by using automated invoice processing to substantially reduce errors from entering invoices.
With Oracle Cloud, both Procurement and Accounts Payables personnel have a completely connected process that quickly passes procurement data from Procurement to AP. For example, when a purchase requisition is created and a Purchase Order (PO) is created, AP personnel have immediate visibility to the PO. You’ll also gain control of financial risks by continuously monitoring for suspicious and erroneous supplier invoices such as duplicate invoices.
Paying suppliers is easily managed through automation as well. You can manage various business requirements including centralizing payments from shared service centers. Cloud makes sure that you can comply with company payment policies and legal requirements with third-party payments, cross-currency payments, and other capabilities.
It’s often very difficult and time-consuming for customers to maximize working capital by determining how best to take advantage of supplier invoice discounts. Cloud ERP Financials offers adaptive intelligence (AI) as a solution which allows for the presentation of data science-driven targeted discount rates for supplier invoices.
Discounts are calculated based on your accepted APR, accelerated days (the number of days you plan to pay early), and provides you with the discount amount and payment amount. You can choose to accept, reject, or take no action on the discounts presented. You can also coordinate your payment schedules from the Payables Invoices workbench to ensure you’re managing your organization’s cashflows.
Automated audit and payment for expense reports allows you to define policies such as daily expense limits to automatically select expense reports for audit. Continuously monitor expense reports to detect suspicious transactions and utilize the Financials integration to efficiently pay expense reports and pay credit card companies.
Ensuring that you’re using these features to the best of their capabilities is essential to utilizing every aspect of your Cloud Financial’s investment and implementing an automation strategy that ensures your Cloud application is being used to its fullest potential. Revisiting the components and capabilities of Cloud creates an opportunity to reduce ineffectiveness in your existing process.
Reach out to [email protected] to schedule a Cloud Optimization Assessment with Elire’s Strategic Advisory Services team to review your current state and recommend options to improve your processes and procedures. Learn more about our Oracle Cloud ERP Services here.