AP Automation

Again, we’re delighted to welcome Simon Shorthose, MD Readsoft UK,  as a guest contributor Many organisations are currently operating on Oracle Applications Release 12 or are planning to do so in the near future.  With Release 12, Oracle boasts over 2300 new features over Oracle 11i, with over 300 in Oracle Financials. The application has been geared towards enhanced support for shared services, increased operational efficiency and flexibility, faster and simpler period end processing and timely and simplified reporting. For the finance function, the requirement to eliminate inefficiencies in purchase to pay (P2P) and order to cash (O2C) processes in a central concern. They need better process visibility and compliance; better cycle time; and want to see continual cost reduction.

Recently we wrote about how the introduction of e-invoicing could allow fraud to be automated alongside AP processes. The previous article is here. And in case anyone was in any doubt about how prevalent fraud can be, we thought it would be interesting to provide a little insight from the purchase to pay coal face on how easy it can be.

You have a set of accounts payable processes that would be comfortable in a 19th century setting. Pieces of parchment passed from from the vendor documenting the agreed transaction. An original signature scrawled with indelible ink pen proving the authenticity of the document. And the legislation surrounding the processes - the laws that allow the authorities to be sure that they're getting their slice of the commercial cake, rely on these paper processes.

I'm not sure that IAAAS will catch on as a 21st century business acronym - but what it stands for is impressive. Basware will deliver Invoice Automation as a Service, together with Basware Connectivity services including Scan & Capture, Supplier Portal and e-invoicing to a worldwide leading supplier of pipe systems.  The value of the deal over the contract period of 3 years is approximately EUR 650.000.