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What is procure-to-pay software?

Airbase

Procure-to-pay (P2P) software originated from the need to oversee the process of acquiring supplies for manufacturing and other industries, and to manage inventory in the retail sector. Purchase order managemen t : You need to be able to create, approve, and track purchase orders, as well as manage any changes or cancelations.

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Increasing Productivity in Finance

MineralTree

The upcoming State of AP Report 2023 highlights that almost half of respondents (49.1%) express concerns about reducing AP processing costs. For example, businesses that rely on manual invoice processing spend up to $12.44 The State of AP Report 2023 highlights that a staggering 84.7% per invoice on average.

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Going Digital with Invoice Approvals

MineralTree

What is Digital Invoice Approval? Digital invoice approval involves reviewing, approving, and processing invoices electronically prior to payment. An electronic approval workflow takes out the paper-based component of this process to improve transparency, allowing teams to accurately track the status of their invoices.

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Switching to a Paperless Invoice Approval System

MineralTree

But in today’s increasingly digital business world, many AP teams are turning to automation to enhance their workflows — and the invoice approval process is no exception. By embracing AP automation , these teams can streamline their processes and speed up invoice processing times while also improving vendor relationships.

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The major benefits of AP Automation.

Airbase

Benefits of Airbase AP Automation: Selecting the right AP Automation solution. What is AP automation? AP automation refers to software that handles the workflows associated with the AP process. Managers and executives can also use AP automation software to monitor AP processing activities.