Efficient handling of accounts payable processes is essential for businesses striving to maintain financial health and build stronger vendor relationships. Oracle Accounts Payable offers a robust solution within Oracle’s comprehensive enterprise resource planning (ERP) suite, offering powerful accounts payable automation software to streamline and optimize their payable processes.
From managing supplier invoices and eliminating duplicate payments to tracking expenses and facilitating payments, Oracle Accounts Payable empowers businesses to navigate the complexities of financial transactions and ensure accurate pay invoices.
This article will discuss the key capabilities and benefits of Oracle Accounts Payable, exploring its role in enhancing financial efficiency and vendor management and how our team of expert consultants can help you make the most of your investment.
Overview of Accounts Payable Responsibilities
Accurate and efficient accounts payable processes ensure supplier payments are made on time, improve overall cash flow, and reduce the risk of late payments.
Invoice processing
Within the accounts payable department, employees receive and approve invoices and record liabilities and related assets to ensure invoices accurately reflect critical customer payment data.
Accounts payable teams also typically match vouchers with invoices and purchase orders from other departments, further improving connectivity and consistency across the organization.
Supplier relationships
The accounts payable team creates, manages, and maintains relationships with each supplier, ensuring all order requirements are met and the terms and conditions of the relationship are upheld.
Payment processing
By proactively considering a few key factors, such as invoice dates, discount rates, and cash due to suppliers, companies can streamline the entire accounts payable process and ensure payments are made as quickly and efficiently as possible.
What is Oracle Payables?
Oracle Accounts Payable is a modern enterprise module that facilitates the management of an organization’s payables terms and enables businesses to efficiently handle their supplier invoices, track expenses, and manage payments to vendors.
By optimizing invoice processing, approval workflows, and payment generation, Oracle Payables helps organizations streamline their accounts payable operations and ensure timely and accurate supplier payments. It also provides features for facilitating multi-currency support, reconciling vendor accounts, managing discounts and credits, and generating reports to support financial analysis and decision-making.
Oracle Payables works seamlessly with other Oracle E-Business Suite products to help enterprise organizations accelerate decision-making processes, improve regulatory compliance, optimize financial management operations, and ensure sustainable and disciplined financial processes.
Key Features of Oracle’s Accounts Payable System
Here’s a closer look at the main features of the Oracle Accounts Payable solution for business users:
Corporate and fiscal discipline
Automate invoice routing and approval processes based on unique business requirements, create and enforce business rules to reduce fraud risks and unauthorized access, and maintain connections with Oracle E-Business Suite and Oracle NetSuite products through joint controls.
Reduced costs
Leverage intelligent automation tools like XML messages, Electronic Data Interchange (EDI), and Evaluated Receipt Settlement (ERS) to automate invoice processing, create and manage payment terms, eliminate paper documents, improve cash controls, and reduce costs.
Global expansion
Manage international business requirements, like global tax regimes and foreign currency transactions, and ensure statutory requirements are met by supporting automatic tax calculations and monitoring global expansion efforts.
Business relationships
Facilitate integrations with iSupplier Portal and Oracle Internet Expenses to enable suppliers to check the status of their invoices, submit expense reports in multiple formats, and maintain stronger relationships across enterprise teams.
Integrations with Other Enterprise Resource Planning Systems
Oracle E-Business Suite offers a connected ecosystem of enterprise applications to help companies efficiently manage customer-facing processes, optimize purchase order creation, manufacture products, and collect payments in a single platform.
With an intelligent information architecture and seamless integrations between applications, the E-Business Suite ensures a single definition of all customers, employees, suppliers, and products and maintains accurate information related to enterprise operations. This further improves connectivity and facilitates data-driven decision-making.
Oracle Payables offers built-in integrations with Oracle E-Business Suite products, such as:
Oracle Assets
Enable users to track and transfer invoice distribution for critical asset purchases to effectively manage project costs and ensure manufacturing and delivery timelines are met.
Oracle Property and Lease Management
Upload approved charges for property or equipment leases directly to Oracle for accelerated, hands-off invoicing, payment, processing, and approval operations.
Oracle Projects
Manage total project costs by tracking and storing critical project invoices and expense reports in a single, unified platform.
Oracle Internet Expenses
Automate the entry, invoicing, approval, audit, and payment of expense reports to reduce the employee reimbursement cycle and improve efficiencies.
Oracle Approvals Management
Enforce business rules for core paperless invoice routing, negotiation, and approval processes to ensure accurate payment information and facilitate quicker approvals.
Benefits of Oracle’s Accounts Payable System
Streamlined Invoice Processing
Oracle Accounts Payable automates and streamlines the invoice processing workflow, reducing manual effort and improving efficiency for users in large or multi-site organizations.
Enhanced Visibility and Control
With real-time visibility into payables data, the Accounts Payable solution enables organizations to track invoices, monitor payment status, and maintain better control over cash flow.
Improved Accuracy and Compliance
Oracle Accounts Payable helps ensure accuracy and compliance with federal and statutory regulations by enforcing approval workflows, validating invoices against purchase orders and contracts, and applying appropriate accounting terms to individual supplier or vendor accounts.
Efficient Vendor Management
The Accounts Payable solution facilitates effective vendor management by centralizing critical vendor information, tracking payment terms and discounts, and providing insights into vendor performance.
Cost Savings
Oracle Accounts Payable helps organizations reduce risks associated with manual invoice processing, late payments, duplicate payments, and errors, leading to overall cost savings and improved financial performance.
How Can We Help?
Whether you’re looking for additional pre-implementation support to determine project initiatives, help to outline critical implementation timelines and requirements, or just an extra hand navigating complex integrations within your existing Oracle ecosystem, Surety Systems is here to help.
Our senior-level Oracle consultants have the knowledge, skills, and experience to understand your needs, create effective plans for action, and ensure you’re prepared for life after Go-Live.
Contact Us
For more information about our Oracle consulting services or to get connected with our team of expert consultants, contact us today.
