AP Spend Management Solutions
Before an invoice is received at your company, you need to have a pulse on what your business can spend. MHC’s automation solutions helps you with spend management in AP.
Spend Management is Where We Start
AP automation is a powerful system of workflows, document capture, approvals, and other features that make the lifecycle of an invoice as efficient as possible. It follows each invoice all the way through your business, from start to finish, and removes delays, errors, and obstacles along the way.
Spend management, while also a crucial aspect to your accounting department, is what happens before the invoice arrives to your company. Consider that you wouldn’t be getting an invoice without having approved the purchase in the first place. Procurement, supply chain, finance – all of these departments have oversight and control over how much can be spent, which drives if and when you receive an invoice and for how much.
If AP automation is a vehicle that powers an invoice along its path in your business, spend management is the gas tank.
How Accounts Payable Automation
Benefits Spend Management
Having visibility on every single invoice, even before they arrive to your business, is key to managing the spend for each one. MHC’s highly automated data file collection and tracking helps you forecast when spend will occur and for how much so that you can manage expenses and plan budgets accordingly.
More invoices have errors than we realize, yet finding them and then disputing the error with vendors and suppliers is a cumbersome process. Using MHC’s integrated dispute functionality, errors are automatically detected and trigger a dispute process you design and control.
Activate Stronger Financial Controls
Audit Invoice Approvals Securely
Be sure about the data you’re using to make informed decisions about your company’s spend with MHC’s auditing solution. You can configure automated checks and validations and receive comprehensive reporting on any errors to give you an accurate picture of where money is going and budgeted.
Collection & Capture
- Highly Automated Data File Collection & Tracking – Know where your invoices are at all times
- Secure Cloud Access – Access reporting anywhere and at any time using our online portal
- Extensive Reporting – Produce reports from a variety of canned reports or from our ad hoc reporting tool
- Invoice Management – Track invoice status from “not received” to “in process,” “approved,” and “paid.”
- Inventory Management – Verify that services invoiced are accurately tied to your active inventory
- Auditing – Configure automated checks and validations
- Cost Allocation – Assign cost to unique business entities (and backbone)
- General Ledger Coding – Apply cost categories and identify trends
- Integrated Dispute Functionality – Create, submit, and track vendor disputes
- Review & Approval Routing – Customize flows and create transparency
- Produce Invoice Data File for AP – Feed invoices approved in BDA directly into existing accounting system to queue invoices for payment
- Monitor AP Status – Upload posting and payment journals from accounting system back into BDA
- Report on Invoice Status – Ensure invoices are paid in a timely manner to avoid service disruption
MHC Buyer’s Guide
Find out how MHC solutions can help your business accelerate automation.
How Automation Tools Help You Manage Spending
At last, you have an arsenal of tools that can help you manage spending accurately, automatically, and effectively. Overseeing your business spending is a role that carries the weight of all leadership, stakeholders, and employees as you help ensure the company remains viable and profitable. With great power comes great responsibility, and MHC automation tools can lend you the power you need to live up to the responsibility you’ve taken on.
An invoice’s lifecycle throughout your business has many twists and turns, from initial capture to final approval and payment. MHC’s invoice automation can help you anticipate invoices before they even arrive to your business, calculate how the spend on the invoice impacts your overall finances, and gives you the control to make the best decisions for your bottom line.
Accounts Payable Automation
Automation is a solution that can become the hub for how you see and analyze your company’s spending. MHC’s Accounts Payable Automation solution can be integrated into your existing systems – all of them – to provide you with a single interface that lets you track every payment from start to finish.
Procure to Pay Automation
Supply chain is a huge part of your company’s spending, dealing with vendors, suppliers, inventory, and cost. Use MHC’s P2P Automation tools to centralize the entire procurement process, which will not only help you manage spending on supplies and services but will also support the procurement teams as they make their best decisions for the business.
Tax & Compliance Document Digital Delivery
Documentation is the name of the game for business spending, and as you focus your efforts and managing where the company’s money is going you also must factor in that your vendors, suppliers, and employees need their own documentation. Provide 24/7 access of tax and compliance documents through MHC’s Digital Delivery capabilities, which takes care of the required documentation while you focus on spending decisions.