Procure-to-Pay Automation

Automate your purchasing processes and stamp out maverick buying.

Procure-To-Pay Automation

Leading regional corporations might typically spend up to about 253 man-hours per week* in manual intervention, entering data and rectifying their cash flow reports. It is observed that organisations are often subjected to off-contract, off-price maverick buying that could lead to significant wastage and high expenditure through procurement processes. (*1 The 2014 Visa Cash Flow Visibility Index research was done in August-September with CFOs / Treasurers of 811 leading corporations in ten countries/regions to better understand challenges that organisations may face with managing cash flow and ensuring visibility and predictability. The research was done by East & Partners, an independent specialist business banking market research and analysis firm. Regional data cover findings of Australia, Hong Kong, India, Japan, Malaysia and Singapore.)

The capability delivers an integrated solution set to automate an organisation’s procure-to-pay process. The solution set includes granular spend data analysis, compliance focused strategic sourcing capabilities, supplier managed web content and touch-less eCommerce payment functionality. It is highly functional and intelligently reconciles purchase orders, contracts and invoices, ensuring that the purchasing and finance departments have the knowledge and data in real-time to continually optimise all procurement activities across the organisation.

How does Procure-to-Pay automation work

Procure-to-pay capabilities cover strategic sourcing, contract management, order placement (including supplier-managed web content), touchless eCommerce payment and settlement, reconciliation, reporting, control and audit, and analysis of the entire procure-to-pay process. Authorisation controls are built-in to ensure that payment is exact in terms of amount and purpose.

By analysing your spend detail, these capabilities help to assess compliance when raising purchase orders, as well as price variances for the same product with volume discounts and global price benchmarks.

Visa’s 16-digit accounts assigned to each of your key suppliers can help them to receive payment. A supplier onboarding process will also be managed so that they, in turn, can process card payments and reconcile receivables without altering existing business practices.

Benefits

Strategic Sourcing and Favourable Deals

Electronic reporting helps you better analyse what you are buying and from whom, allowing you to streamline your key suppliers. This can translate into greater business revenue for your suppliers so you can enjoy higher levels of strategic sourcing and more favourable negotiated pricing.

Building Stronger Relationships

As a buyer, you want the assurance that key suppliers stay in business. With Visa’s 16-digit account, your key suppliers can get paid sooner thus reducing the cost of funds. Suppliers are relieved of the stress associated with buyer’s credit worthiness, check acceptance risks and the costs of tracking late payments and collection.

P2P Automation brochure

Learn more about the services Visa can provide.

Download

Make the change now

Graphic of the balanced cash flow provided by Visa P2P Automation

Seize the full benefits of Visa’s P2P automation tools with minimal or no disruption to your existing business systems or processes:

Streamline your procurement and payment processes, organise invoices from multiple suppliers with different information into one consistent file
Support payment and reconciliation when payments are made through Visa’s 16-digit account and highlight any inconsistencies and inaccuracies to suppliers
Get credit extension of up to 55 days; settle your Visa account only when the consolidated bill comes, increasing flexibility and access to funds as working capital
Track re-invoicing and outstanding invoices through supplier accuracy reports; avoid potential human error leading to conflict, payment and reconciliation issues
Close the loop once your supplier receives payment. Your ERP system will check off the payment
Build in corporate rules and requirements into the system to ensure that compliance is maintained

Let Visa and your financial institution do the heavy lifting so that you can focus on growing your business.