AP automation benefits the entire organization
Discover how AP automation with MediusFlow supports the various roles of an organization. Click on the different desks below to learn more.
The cloud-based solution is relevant because we are able to store the data and it is always accessible. Prior to MediusFlow, we were never sure where we actually stood.
Common issues:
- Lack of visibility into costs, particularly from errant non-PO spending
- Inefficient processes can harm supplier relationships and cause competitive disadvantage
- Non-PO / maverick spend means paying higher prices and incurring costs, expenses exceed budget forecasts
- Approving invoices is time consuming and often falls to a low priority among requestors/approvers
- Effectively managing a budget without knowing what is already allocated
- Don't have timely, reliable data to run the business
How MediusFlow helps:
- Automated reports show exactly what the business unit’s spending is at any moment
- Approving important invoices for key suppliers is easy to do by buyers from anywhere, on any device
- Suppliers are paid on time, every time, which helps maintain positive relations and reduces spend through discounting
- Spending trends aid in:
- Reducing non-PO spend with suppliers through negotiations/terms
- Planning budgets
- Real time metrics to make solid business decisions
MediusFlow for CFOs
I’m two levels above AP processing, but I can go in and look at the scorecard to see how long invoices are taking to process.
Common issues:
- P2P process is chaotic, causing risk in compliance, fraud, late and overpayment
- Financial surprises due to unpredicted/ unregulated indirect costs
- Reliance on AP for bottom line reporting that is inaccurate or untimely
- Uninformed about the true lack of control in AP, unsure why they are not as efficient as they could be
- Lack of confidence in Finance team and the numbers they report
- Struggle to gather necessary data for internal and external audits
- Non-PO spend runs the risk of non-compliance to OFAC
- Lack of timely data which impacts the financial reports
How MediusFlow helps:
- Bottom line visibility and cash flow insights from accurate and reliable cloud-based data
- AP can be more strategic, closing the books on time and provide accurate numbers
- Increased visibility helps identify cost savings opportunities for better spend management
- Spend optimizations and early payment discount terms / dynamic discounting
- Positive ROI faster than anticipated
MediusFlow for CIO’s / IT
It essentially took 3 days to implement. MediusFlow brought us their technical spec document and we had our developers look through it, and understand how it integrates within our AX system.
Common issues:
- Overtaxed resources and system maintenance
- Pulled in many directions by multiple business areas; AP requests are not high priority
- Breach or weakening of security concerns with any new system
- Meeting current IT system requirements and resource capabilities
- Challenging to allocate resources for implementation of Finance systems
How MediusFlow helps:
- Upfront APIs and transparent integration documentation
- Structured, proven best-practice implementation process
- Cloud-based platform means updates require no support from IT
- Pre-connected eco-system to ERP systems with minimum involvement of IT
- Dedicated services team to provide guidance before, during and after implementation
MediusFlow for AP Managers
MediusFlow saves us time so we can keep up with resourcing, reporting and analysis. One of the things I can do now is work on improving processes and evaluate procurement.
Common issues:
- Lack of authority to gain control over a chaotic process
- Lack of visibility over all invoices to handle bottlenecks, assignments, load balancing
- Hard to manage the process and to also know where to concentrate efforts due to lack of impactful metrics
- Reporting for month-end / year-end closing is difficult
- No ability to comply with internal controls, such as segregation of duties, positive pay
- Low levels of confidence in the accuracy of the reports
- Charged with cutting costs in AP, but barely staying above water now
How MediusFlow helps:
- Enhanced visibility into the invoice process, with customizable reports and dashboards
- Access to KPIs, performance measurement tools and data-driven benchmarks
- Invoice processing cycle times dramatically reduced, making AP more efficient
- All invoice data in one place to easily pull real-time, accurate numbers for month-end / year-end closing
- Increased ability to concentrate on AP's role as a business partner focusing on strategic plans to increase the bottom line
MediusFlow for AP Staff
Our managers’ ability to do the job where and when they want is tremendously appreciated. We no longer have conversations about who did what, where and when.
Common issues:
- Time consuming, tedious, repetitive tasks
- Feeling undervalued, unappreciated, transaction-focused
- Frustration from constant tracking of requestors to attain approval and coding for non-PO spend
- No visibility into maverick spend until a collection call is received
- Slowed down by invoice status inquiries, poor search functionality and no visibility into payments
- Requests for “hot checks” – stop everything and ‘walk’ one transaction through the whole process
- High stress and overtime required to meet closing requirements
How MediusFlow helps:
- Enhanced efficiency and visibility with automation in every step from data capture all the way to posting the invoice for payment
- Automation and templates remove manual repetitive tasks
- Buyers/approvers can review and approve non-PO invoices or PO-invoice deviations easily, from anywhere, any device
- Quick search functionality to easily locate invoices at any stage in the process
- Supplier notifications can be generated to keep suppliers updated on invoice status
- Provides an audit train on each invoice to respond to inquiries and improve the overall process
MediusFlow for Controllers
The ability to know exactly where you are with AP at any given moment no matter who has it or where it is. It exists in one central repository and it’s all there. It is accessible, reportable, and very usable.
Common issues:
- Pulling reports is manual and slow, and the accuracy is questionable at best
- Non-compliance, homemade processes and lack of commitment
- Hard costs and missed discount opportunities
- Reactive to cash needs and no visibility to future cash requirements (non-PO spend)
- Fear of fraud prevents following best practice / new technology
- Poor communication between AR and AP to withhold payments from suppliers that owe money
- Lack of reliable and timely data for closings
How MediusFlow helps:
- Smoother month end closings, accrual and cash flow reporting, improved cycle time
- Easier to enforce internal controls / policies with confidence of compliance in an audit
- Simplifies budget control and process by predicting spend trends and cash flow risks
- Better visibility allows the Controller and Finance opportunity to control and protect the cash and improve relationships within the business
MediusFlow for Tax Department
We now have full visibility and control of our invoices and financials with the new automated workflow process. We can report on-time and with complete accuracy.
Common issues:
- Insufficient and accurate data for S&U tax filing
- Tax fines and penalties for improper reporting of 1099/1042
- Fear of lacking the full picture and paper trail for future audits
- Timeliness of data
- Proper handling and accounting for invoices and credits that should be escheated and reported under the Unclaimed Property Regulation
How MediusFlow helps:
- Visibility and insights into invoices and supplier data from accurate and reliable cloud-based system
- Compliance and internal controls are easier to enforce
- Digital archive with full audit trail
- Automatic detection of irregularities to make detecting tax fraud easier
- Regulatory risks are mitigated through automated and easily configured reports
- Reduced cycle time for meeting reporting deadlines
- Workflow provides an opportunity to pre-approve S&U tax prior to paying the supplier
MediusFlow Impact on Suppliers
Our vendors are extremely happy. In the past, we were struggling to pay an invoice in less than 45 days. With MediusFlow we have been able to shorten our invoice processing lead time to in average 11 days.
Common issues:
- When invoices are not paid on time, it affects the supplier’s cash flow
- Late payments of invoices can delay shipments and impact the company’s delivery of goods/services to the end customers
- Suppliers need to dial or email the AP department to get an update on invoice approval and payment status
How MediusFlow helps:
- Up to date invoice status can be easily retrieved by all users with quick search functionality
- Approvers are automatically notified and reminded when an invoice needs their attention, speeding up the overall process
- Supplier notifications provide automatic regular updates to the supplier on the status of their current invoices in progress