ACCOUNTS PAYABLE PROCESS
We capture data from your procurement/ ERP/ invoicing system and record all process events from Invoice creation to Invoice Payment. From this data, we recreate a model of the entire Accounts Payable process, improving working capital and labor productivity while cutting costs with Ploigot’s Accounts Payable (AP) Process Mining Platform.
By adding case attributes such as key accounts, invoice details, payment terms, cash discount dates, and transport conditions to the model you can see where mistakes occurred, respective time stamps and which employees were involved, or which vendors followed what process variations most frequently.
Ploigot can pinpoint where changes need to be made and focus on your improvement efforts to bring the most optimized results, like working capital optimization or reduction of lost discounts, etc.,
How it Helps
Ploigot examines your AP process and analyses the transactions that decreases the productivity of your workforce. For instance, inaccurate invoice ingestion causes manual rework in your AP process. Automating invoice ingestion with automation tools would reduce errors in invoice ingestion, which improves the overall productivity.
Analyze your AP process for mismatch between the payment terms mentioned in the invoices and those on the purchase order leading to invoices being paid earlier than necessary, which results in tying up of working capital. Such issues can be solved by automatically updating the due date on each invoice according to the correct payment terms.
Invoices which are cleared after the due date are the major cause for lost potential cash discounts. Missing goods receipt usually causes delay in clearing of invoices. To tackle this we can detect missing good’s receipts and prompt the requester about missing good’s receipts before automatically processing invoices.