3 Ways Your Purchasing Department Will Flourish
There’s no question that streamlining the entire procure-to-pay cycle helps growing business achieve scale by making the most of their resources. But this includes more than securing advantageous payment terms and optimizing cash flow. It also involves decreasing the time and energy spent by finance and accounting staff in the management of day-to-day purchasing, payment, supplier relations, and more. That’s great news, considering that growing companies frequently add some combination of new business locations, new vendors, and other “new components” that make the finance and accounting functions more complex and ever-more strategic.
Growth Through Modern Cloud Technology
Success in all-of-the-above depends on automating tasks and making effective use of operational and financial data—capabilities that can be easily harnessed through the use of Intacct’s cloud-based purchase order software. Part of the AICPA-recommended vendor’s core financial management solution, Intacct Purchasing is designed to help your team take control of their procure-to-pay workflows and take your business to the next level.
Let’s take a closer look at the 3 things your purchasing department will appreciate the most about Intacct Purchasing:
- It Can Be Customized For The Way They Work
Intacct Purchasing can be easily tailored to fit your organization’s unique needs, while allowing your team to take advantage of standard templates for processes related to quotes, requisitions, returns, and adjustments—so they gain time. You can create structured, predefined transactions to automate workflows and make sure all requirements are met quickly, accurately, and according to even the most precise vendor and payment specifications.
You can also set up approval cycles with automated alerts and emails, which makes internal communications easier while speeding up the payments process, something that makes your vendors happy, too. What’s more, Intacct software connects with other Intacct modules (e.g. accounts payable, cash management, and inventory) and can be integrated with the other systems your team uses so they’re not hassled with making multiple entries and manually reporting on transactions and financials.
- It Improves Their Individual and Team Productivity
Automation is the secret to increasing purchasing speed, accuracy, and efficiency—elements that impact your team’s ability to meet strategic objectives, including building relationships with internal and external stakeholders. It’s this strategic momentum, in fact, that drives many procurement organizations to adopt Intacct’s software.
Without the burden of manual processes—from keying in transactions and cutting/pasting data between spreadsheets to rifling through stacks of paper and waiting for approval signatures—your company’s procurement professionals can rely on cleaner data and faster access to the financial information they need to make decisions. And importantly, cloud-based automation enables online access to all of your tools and resources, so no one skips a beat if they’re working remotely or at the airport.
- They’ll Heighten Visibility and Enhance Reporting
With instant insights into purchasing details and trends, your finance and accounting team becomes more valuable than ever. Intacct Purchasing gives them access to comprehensive dashboards and reporting tools to get visibility into the entire procure-to-pay cycle as well as monitor budgets, analyze costs, and vendor performance. And they can view important financial information from almost any perspective by setting up role-based dashboards or running “slice and dice” reports that zero in on exactly what they’re looking for. Not only does this help them do their jobs more effectively, but they’re also better able to meet the needs of decision-makers who need mission-critical data in real-time.
Learn more about Intacct’s reporting and dashboard capabilities in Is Your Business Ready for More Powerful Reporting?.