Increasing Automation and Simplification in the Purchase to Pay process for Company X
Reunanen, Saku (2023)
Avaa tiedosto
Lataukset:
2023
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023112932498
https://urn.fi/URN:NBN:fi:amk-2023112932498
Tiivistelmä
In this thesis a comprehensive examination of the Accounts Payable (AP) process is taken within Company X. The study was initiated to identify and address the significant challenges that harm the efficiency of this crucial financial process. The AP process is central to an organization’s financial health impacting both operational efficiency and the accuracy of financial transactions.
The research aims to investigate the persistent challenges, primarily related to data accuracy, vendor adoption of e-invoicing, and the underutilization of the Contract Module. These issues have previously resisted attempts at automation and simplification, necessitating a detailed study to develop innovative solutions and enhance the financial performance of Company X.
The study was executed through a comprehensive research approach, combining both quantitative and qualitative methods. Quantitative analysis involves data collection and numerical examination, which is crucial in assessing various aspects of the AP process. The qualitative component of the study focuses on conducting in-depth interviews and reviewing relevant existing literature to gain a comprehensive understanding of the challenges faced by Company X. This dual research methodology provided a thorough view of the current situation, helping in the identification of key problem areas and their underlying causes. The combination of the two methods allowed for a well-rounded exploration of the AP process, ensuring the study’s validity and credibility.
The study revealed a series of key findings in the analysis of Company X’s AP process. The most notable issues were associated with the accuracy of data extraction, substantial manual adjustments by the AP specialists, vendor reluctance to adopt e-invoicing, and the underutilization of the Contract Module. These findings emphasized the need for a more streamlined and automated approach to the AP process. Furthermore, they highlighted the importance of fostering better collaboration with vendors, enhancing communication, and investing in training initiatives to address these issues effectively.
The results of this thesis offer significant implications for Company X’s AP process. To enhance the efficiency and accuracy of their AP operations, the study recommends implementing several crucial strategies. There is a compelling need to increase the adoption of e-invoicing, a solution that can significantly reduce manual work and improve data accuracy. Optimizing the underused Contract Module for repetitive invoices hold great potential in automating the AP process.
Collaborating closely with vendors, fostering effective communication, and introducing training programs will be instrumental in the successful implementation of these solutions. The vital role of AP in the organization’s financial health is highlighted in this study and it suggests that embracing these recommendations can lead to enhanced financial efficiency and operational effectiveness. These findings extend beyond Company X, offering valuable insights for organizations facing similar AP challenges.
The research aims to investigate the persistent challenges, primarily related to data accuracy, vendor adoption of e-invoicing, and the underutilization of the Contract Module. These issues have previously resisted attempts at automation and simplification, necessitating a detailed study to develop innovative solutions and enhance the financial performance of Company X.
The study was executed through a comprehensive research approach, combining both quantitative and qualitative methods. Quantitative analysis involves data collection and numerical examination, which is crucial in assessing various aspects of the AP process. The qualitative component of the study focuses on conducting in-depth interviews and reviewing relevant existing literature to gain a comprehensive understanding of the challenges faced by Company X. This dual research methodology provided a thorough view of the current situation, helping in the identification of key problem areas and their underlying causes. The combination of the two methods allowed for a well-rounded exploration of the AP process, ensuring the study’s validity and credibility.
The study revealed a series of key findings in the analysis of Company X’s AP process. The most notable issues were associated with the accuracy of data extraction, substantial manual adjustments by the AP specialists, vendor reluctance to adopt e-invoicing, and the underutilization of the Contract Module. These findings emphasized the need for a more streamlined and automated approach to the AP process. Furthermore, they highlighted the importance of fostering better collaboration with vendors, enhancing communication, and investing in training initiatives to address these issues effectively.
The results of this thesis offer significant implications for Company X’s AP process. To enhance the efficiency and accuracy of their AP operations, the study recommends implementing several crucial strategies. There is a compelling need to increase the adoption of e-invoicing, a solution that can significantly reduce manual work and improve data accuracy. Optimizing the underused Contract Module for repetitive invoices hold great potential in automating the AP process.
Collaborating closely with vendors, fostering effective communication, and introducing training programs will be instrumental in the successful implementation of these solutions. The vital role of AP in the organization’s financial health is highlighted in this study and it suggests that embracing these recommendations can lead to enhanced financial efficiency and operational effectiveness. These findings extend beyond Company X, offering valuable insights for organizations facing similar AP challenges.