A true automation platform like NetChain Squared brings along with it a plethora of benefits not only for the organization as a whole, but to the individual members of your internal AP/AR team. The following outlines some of the increased efficiencies that our platform provides as well as how those benefits relate to specific positions within the invoice processing team.
Netchain Squared Intelligently and instantly moves money, data, and information. Our network allows you to instantly and electronically pay invoices, while sending the necessary rich data needed to apply the payment. It also reduces cost and waste, and improves controls and efficiencies without needing to ask for bank account details. Netchain is the first platform to analyze internal and external economic variables and tell you the optimal moment to pay your invoices. This creates an unprecedented ability to optimize the commercial impact of your team. We extend our intelligent network so you can receive instant notification when an invoice is raised in your company’s name. Accept, and the invoice is automatically created in your system and sub-ledger. We go beyond payments to the complete procure-to-pay and order-to-cash lifecycle, automating full end-to-end financial operations, and showing the real power of artificial intelligence and machine learning. Gone are the days of human errors, fraud, and risk. Our system operates on and enforces the company’s business rules. Netchain Squared has the flexibility to allow manual intervention, but the power to only trigger it when you want it.
AP Manager Benefits:
The AP Manager is the first one that will experience the benefits as the NetChain Squared platform increases performance and productivity up the intracompany ladder.
- NC2 True automation reduces unproductive workload on AP team
- Decline in manual errors including not itemizing, incorrect manual input of data and much more
- Freely customizable workflows and machine learning flexes with your organization’s needs
- Fully adaptable to your processes and procedures
- System setup does not require IT integration creating a seamless transition
- Increased budget transparency through TaaS model (transactions as a service)
The controller within an organization’s AP/AR team might see the most benefits from the true automation technology in terms of correcting inefficiencies and streamlining existing processes for themselves and their teams.
- Full transparency of invoice processing procedures (know what is happening at every stage)
- Decreased time spent approving (customize to include as much manual intervention as you want)
- Cost reduction per transaction (only pay for what you use, no monthly or implementation fees)
- Fully automated and simplified approval processes
- Integrated SOX compliance and reduced fraud risks
- AP/AR all in one integrated system providing full transparency and control on both ends
The largest benefits to a CFO are going to fall in line with cost savings and increased transparency which come from multiple contributing factors:
- Cost savings by reducing processing costs by up to 93.8%
- Improved cash flow management and predictive cash exposure
- Integrated treasury approval for payment runs
- TaaS model allows you to only pay for what you use (we view our transaction process as a service)
- Increased team efficiency resulting from reduction in manual errors, processing times, and fraud risks
- Integrated platform to market existing products and services
- Catalog of products and services auto distributed by connected-commerce experience
- No need to maintain multiple catalogs
- Transparency of invoicing throughout lifecycle of invoice through payment
- Integrated disputing process within platform and automated for vendor and client
- Reduced workload for statement exchange and ledger reconciliations between vendor and customer
Do you hold any of the above positions, or are simply interested in learning more about the potential cost and time savings NetChain Squared technology can provide? If so, please fill out the brief form below and we will gladly get in touch to enlighten you!