Despite what you read in the tabloids, being an accounts payable processor is not all glitz, glamour and excitement. It’s a job that requires attention to detail and an efficient mind. Even with the help of technology that automates the procure to pay process, managing invoices can still be incredibly time-consuming.
Technology is always pushing the boundary of what was previously possible, allowing organizations to do more, and to do it more efficiently—which is what CustomInk discovered when they were introduced to OneSource Virtual (OSV) AP Automation for Workday Financial Management.
OSV AP Automation Acceleration
CustomInk, a privately-owned online retailer helping customers design custom made T-shirts, was among the first organizations to adopt OSV AP Automation.
“We weren't looking around,” says CustomInk’s Assistant Controller of Subsidiaries Kaylan McDuff, “and I was very skeptical when I was initially approached. I have a very good AP team. Why would I want to change?”
But then he saw a demo of OSV AP Automation in action. “And I was just blown away,” he says.
OSV AP Automation uses the customer's Workday Financials application to access critical supplier information, including supplier databases, worktags, cost centers, workflows and security protocols.
AP Automation is part of OneSource Virtual’s Finance and Accounting Outsourcing (FAO) services. It combines imaging, intelligent learning and a proprietary Workday rules engine that manages exceptions. This all works together to help OSV create an automated accounts payable solution for customers that enhances the velocity and accuracy of their procure to pay process, from intake to approval and settlement.
Perfecting Procure to Pay
"When you buy Workday Financial Management, your initial expectation is that everything is automated, from intake to settlement,” Kaylan says. But there are still certain processes, such as data entry and paper handling, that must be handled manually.
“These manual processes are not only time-consuming,” Kaylan says, “they're also prone to inaccuracies.”
OSV AP Automation delivers results that are nearly 100 percent accurate, with deviations or minor exceptions routed to employees for auditing and quality checks.
Since enhancing Workday Financials with OSV AP Automation, CustomInk has been able to reduce reliance on paper-based processing and develop an improved audit trail that leverages the full capabilities of their Workday application. This is what the future of finance for AP looks like—an automated solution that improves reporting and reduces costs, empowering AP specialists to focus on their company's core business.