The Process Minery Payables Optimization Accelerator helps to improve your Oracle Accounts Payable Process. The accelerator provides out of the box analyses to improve your AP process in Oracle. The pre-built applications in our accelerator package help to address several Business Objectives for your Accounts Payables process and offers several improvement opportunities. It helps to improve your On Time Payment rate by reducing the number of Invoice Holds, eliminating rework and automate where possible. It also detects Duplicate Invoices and prevents you from paying invoices twice. It reduces the number of Maverick Invoices by detecting invoices that should have been matched to a Purchase Order. The Supplier Master Data Application provides detailed insight into the supplier master and IBAN data in Oracle and validates this data.
The Process Connectors in this package help to accelerate the data extraction and transformation for the Payables process in Oracle EBS and ERP-Cloud.
Implementing the Accounts Payable Accelerator helps to improve the following:
1.
Improve On Time Payment Rate
2.
Correct Supplier Master Data
3.
Detects Duplicate Invoices
4.
Validate IBAN's
.
5.
Less Maverick Buying
Ontime Payment App
Improve On Time Payment Rate
Challenge
Ontime payment can be challenging for businesses. Late payments can impact cash flow, require significant administrative effort, strain supplier relationships and result in legal action.
Solution
The Ontime payment App provides insights into the payment process and identifies areas where delays may occur. Identify opportunities for improvement to reduce the likelihood of late payments.
Features & Capabilities:
Monitor Early, Ontime and Late Payments
Analyze and Reduce Invoice Holds
Improve relationship with suppliers
Maverick Buying App
Less Maverick Buying
Challenge
Maverick buying, the purchasing outside of established procurement processes, can result in financial losses, compliance issues and inefficiencies for businesses. It can also damage supplier relationships due to confusion and frustration.
Solution
The Maverick Buying App provides insights into the actual procurement process and identifies areas where non-compliant purchases are being made.
Features & Capabilities:
Analyze Procurement and Payables data
Identify the root causes of Maverick Buying
Monitor & increase compliance
Supplier Master Data App
Correct Supplier Master Data
Challenge
Accurate and well-controlled Supplier Master Data is crucial for business operations to avoid costly mistakes from unregulated changes and incorrect payments. It’s important to audit the Bank Account Changes and validate the Supplier Purchasing and Paying activity.
Solution
The Supplier Master Data App provides detailed insight into the Supplier Master data and Bank Account changes in Oracle.
Features & Capabilities:
Full history of Bank Account Changes
Supplier Invoice Activity insight
Supplier Purchasing Activity insight
VAT Number validation
Action Flow to automate the online VAT Number Check (EU)
Duplicate Invoice Checker App
Detects Duplicate Invoices
Challenge
Duplicate invoices can result in overpayment, accounting errors and are time-consuming to deal with for businesses. Additionally, they can strain vendor relationships and damage reputation. It is crucial for businesses to detect and prevent duplicate invoices from being paid.
Solution
The Duplicate Invoice Checker App helps to improve the accounts payable process by reducing the risk of duplicate payments. The App detects duplicate invoices and prevents paying an invoice twice.
Features & Capabilities:
Detecting duplicate invoices
Automatically Signals Potential Duplicates
Monitoring resolution
Prevents paying twice
Reduces Rework
IBAN Checker App
Validate IBAN’s
Challenge
Having accurate and current bank account data is essential for any business’s payables process. Incorrect changes to this data can result in costly errors and incorrect payments.
Solution
Reduce these errors by using the IBAN Checker App, which automatically verifies IBANs online and send notifications if there are issues.
Features & Capabilities:
Full Visibility of IBAN registration and changes
Only pay to validated IBAN accounts
Ensure valid IBAN registration
Signals and notifies Name mismatches, Chamber of Commerce (KVK) mismatches and Invalid IBANs
Signals switched Bank Account holders
Payment Verification App
Verify Incoming Invoices
Challenge
This app automatically executes seven very common and important internal controls. Based on those results the incoming invoices are divided into three categories: High, Medium and Verified invoices. With this view you can easily identify the possible risk invoices and act proactive before a wrong payment is made. It is also possible to automatically put those risk invoices on hold.
Solution
Clear overview of all the possible high or medium risk invoices. This overview gives the possibility to take the appropriate actions on the possible risk invoices, before a wrong payment is made.
Features & Capabilities:
Automatically view high risk invoices
Only pay validated invoices
Avoid wrong Payments
Checks all invoices instead of manually spot checking a small random selection of invoices