In PowerBee, we envision to create products that empower organisations to build and maintain strong customer relationships easily; while they can focus on generating sales, improve customer service, and increase profitability for the business.
- Escalating invoice processes costs
- Poor cashflow management
- Poor visibility on processes
- Lack of transparency in buying process
- Process exposed to fraud and cheating
- Weak traceability of documents and processes
- Slow approval process
- Smooth requisition process
- Automatic purchase orders
- Receive goods through electronic systems
- E-Invoicing
- Streamlined payment approvals
- Automatic Order Fulfilment
- Introduction of Cloud system
- View all live data – in one dashboard
- Automated matching of PI to PO issued
- Auto process and send PO approval for approval
- Ability to integrate with Blockchain networks
- Central controlled purchasing environment with designed workflow and processing
- Fully digitalized documents (from PO, Goods Receive Notes and forms)
- Ability to integrate with fulfilment to easily store, retrieve and archive digital documents
- Present real time business performance statistics
- Stronger and stable cashflow
- 100% Visibility over Key Processes
- Gain competitive edge and increase customer assurance
- Enhanced productivity
- Reduce invoice processing costs by up to 80%
- Refined company branding
- Adopt best corporate practices
Accounts payable automation makes invoice processing and approval exponentially faster by removing time-consuming and error prone manual tasks:
- AI and ML supports the reading and interpretation of invoices
- Two, three-way advanced matching can be completed without any human interaction.
- Matched and approved Payables are routed to predetermined business processes.
Automated matching can process, on-average, 80 percent of invoices straight-through from capture to ready-for-payment. This can almost eliminate human error.
The solution will be able to help to eliminate overpayment and duplicate payments. Invoices not managed automatically will be flagged as exceptions to be reviewed by the relevant personnel.
All this helps to make reporting, budgeting, and auditing far more efficient and accurate.
Finance stakeholders want to know where every cent is at a given time, keep track of every obligation owed. In the manual, hardcopy environment, there is a high likelihood of losing track of which stage invoices are in the payment process. With automation, time and effort saved can be channeled into other vital aspects of the business.
The solution allows full visibility of the payment cycle. Authorized persons can learn the status of an invoice at a glance, which allows progress monitoring in the workflow. Key personnel can simultaneously access the system and encourages real-time collaboration, which is rare under manual invoice processing.
Invoices not automatically processed are flagged and can be promptly addressed by relevant individuals. Everything is reported in real-time, encouraging informed analysis.
With electronic trails, it is much easier to follow than a paper one. Documents can be securely stored in compliant archives that meet business and regulatory requirements. Your files are always backed up and safe from fire, flooding, or theft.
This process automation provides finance stakeholders clear access to information to make better decisions.
The solution enables :
- Seeing the big picture at a glance.
- Use of real-time dashboard reporting of key performance indicators to retrieve and present relevant data.
- Identification of non-compliance with business rules and company spending policies.
Automation does not mean worker redundancy for many industries,
Companies can be flexible enough to restructure their staff allocations and reassign workers to revenue-generating tasks. This presents the opportunity to upskill for the digital age.
The business world is heading towards tech-powered future with the accelerated transformation of finance functions. Digitally enabled finance teams can work seamlessly with automation solutions for forward-looking financial insights.