Using a dedicated spend application like Planergy can increase the effectiveness of your accounting software application while also automating much of the purchase order and accounts payable process.
For example, Planergy offers the following features that can significantly reduce or even eliminate data entry, provide real-time budget vs. actual reports, and true AP automation.
Two- and Three-Way Matching
While you can match a purchase order to an invoice in QuickBooks Online, the process has to be completed manually.
Using an application like Planergy, incoming invoices are automatically matched to shipping receipts and purchase orders using artificial intelligence and OCR technology.
Automated PO Processes
Instead of using a manual purchase order system, mapping Planergy to QuickBooks Online allows you to automate the entire purchase order process from the initial purchase request to automating the entire purchase order workflow process.
Using a procure-to-pay software application also allows you to better monitor spending while reducing time-consuming manual processes.
In addition, you can manage your purchases from initial request to approval, to payment, from any device or mobile app.
Purchase and Invoice Approval Workflows
One of the biggest issues that impact accounts payable is delayed approvals. Using a manual approval process, paper invoices are routed to approvers, where they can remain on a desk for days or weeks at a time.
Even if you receive invoices electronically through QuickBooks, those invoices will still need to be routed to approvers before they can be paid.
Using procure-to-pay software streamlines the approval process by using an automated approval workflow that eliminates the manual approval process.
Planergy gives you real-time visibility of spend versus budget.
It can also restrict purchasing when you reach your budget requiring approval on a budget increase before further spend can be committed against the budget.
This gives you better information when approving POs while also having the ability to ensure you are staying within budget.
Supplier Relationship Management and Approvals
QuickBooks Online allows you to enter basic vendor details, but it’s impossible to adequately manage large numbers of purchases using QuickBooks applications alone.
But adding a procure-to-pay application like Planergy offers easy vendor onboarding with centralized data management capability that can support vendor systems and supply catalogs.
In turn, a better supplier relationship can also lead to better pricing and more flexible payment terms.
If you’ve ever wondered exactly what your business is spending its money on, having access to true spending analytics is vital.
While QuickBooks Online offers good standard reporting options, there’s little available that can help with true spend management.
On the other hand, procure-to-pay applications like Planergy offer real-time business intelligence reports and user dashboards that can be fully customized to suit the needs of your business and help turn data into actionable insights.
Unlike QuickBooks reports, procure-to-pay applications offer insight into spending levels and where you’re spending. You’ll also be able to track every purchase you make.
Accounts Payable Automation
While you can manage invoices in QuickBooks online everything is quite manual.
Planergy introduces AP automation to automatically scan and match invoices, automatically forward invoices for approval to the correct person, all while ensuring invoices are backed up digitally.
Accurate AP Reporting
Instead of waiting until a bill has been received or paid, using a procure-to-pay application allows you to view budget vs. actuals in real-time.
You’ll also have access to business intelligence reports while ensuring a quicker, more accurate month-end closing process which includes committed spend totals.
Granular User Access Controls
User access is an important part of any application. QuickBooks Online offers multi-level user access but fails to provide granular access control that keeps access to accounting data strictly to accountants.
A better solution is to use an application that offers granular user access controls, allowing authorized users to access procure-to-pay features without having complete access to accounting software applications.
As a result, AP and purchasing staff have easy access to the functions they need without access to confidential data such as payroll and bank account information.
For added security, things like two-factor authentication and the ability to set multi-level permissions based on roles help keep confidential information secure.