Procurement Automation Archives

Using workflow automation to streamline tasks

How Workflow Software Helps You Manage Automation Initiatives

Last Updated on March 8, 2022March 8, 2022 by frevvoblog

Employees spend an estimated eight hours a week working inefficiently. Things like reworking a task and searching the web or intranet for information take time away from important work.

As a result, more companies are undergoing digital transformations. They’re turning to solutions like workflow software and robotic process automation (RPA) — using software “robots” to perform basic and repetitive tasks.

If you’re not already leveraging these solutions, you’re missing out on opportunities to boost productivity across the board.

In this article, we’ll look at how workflow automation can help you manage and advance automation initiatives at your company. We’ll also look at automation initiatives that you can get started with today.

Click the links below to jump ahead:

Continue reading →

Illustration of creating a procurement plan

Finance Automation, Procurement Automation

How to Create a Procurement Plan in 9 Simple Steps

Last Updated on February 9, 2022February 23, 2022 by frevvoblog

It can be devastating to hear when a key vendor goes bankrupt. Unfortunately, vendors may shut down for various reasons, which can hamper your own operations.

The next immediate step then is to find another vendor.

But do you have a process in place to source vendors? Does the purchasing team know what their roles and responsibilities are?

To ensure minimal disruptions to your operations, you need to plan for contingencies like vendor bankruptcies.

This is where a procurement plan comes in.

In this article, we’ll explain what a procurement plan is and why you should create one. We’ll also cover the steps to creating one for your company. Finally, we’ll look at how you can automate your purchasing processes with frevvo’s procurement automation software.

Click the links below to head to the section you want to learn more about:

Continue reading →

Finance Automation, Procurement Automation

Accounts Payable Process Explained: Challenges, Benefits, and Best Practices

Last Updated on January 4, 2022February 19, 2022 by frevvoblog

Payments are, obviously, an integral part of supplier and vendor relationships. If you pay too late or get an amount wrong, you could end up with high penalty fees or even having to switch suppliers as you’re trying to complete a customer order.

A robust accounts payable process helps you stay on your supplier’s good side and gives you a better overview of your company’s cash flow at all times. You also protect yourself against fraud from parties posing as vendors.

In this article, we’ll break down the accounts payable process, its importance, and common challenges. We’ll also look at how you can streamline it with process management software.

Want to skip ahead? Use the links below:

Continue reading →

Procurement Automation

A Complete Guide to Procurement Management

Last Updated on January 3, 2022February 22, 2022 by frevvoblog

Procurement plays a vital role for every business. Companies need to procure goods and services to continue operating.

However, poor procurement practices and inefficient processes can result in slow approval cycles, missed payments, higher costs, and even instances of fraud.

An effective procurement management system can help you address these challenges.

In this article, we’ll take an in-depth look at procurement management, including what it is and why it’s important. We’ll also cover the steps in the procurement process and how you can use frevvo’s automation software to automate them.

Click the links below to jump to the section you want to learn more about:

Continue reading →

How to implement automated invoice processing

Procurement Automation, Workflow Automation

A Complete Guide to Automated Invoice Processing and How to Implement It

Last Updated on November 23, 2021February 22, 2022 by frevvoblog

Processing invoices manually is manageable in the early stages of a business. But as you start to scale, using spreadsheets and other manual methods just isn’t practical in the long run.

Manual processes can lead to issues like missing invoices, delayed payments, and even instances of fraud — all of which can hurt your bottom line and damage relationships with your vendors.

So how can you manage your invoices better and prevent costly errors? And how can you increase visibility across the entire accounts payable process?

By implementing an automated invoice processing solution.

In this article, we’ll look at what automated invoice processing is and how it can help you improve invoice management. We’ll also cover how you can create a fully automated accounts payable process using frevvo’s invoice approval software.

Continue reading →

Procurement Automation, Workflow Automation

How to Set Up a PO System (Even on a Limited Budget)

Last Updated on November 23, 2021February 19, 2022 by frevvoblog

Purchase orders play an important role in the procurement process. They allow companies to place orders with different suppliers and manage their inventory.

Most importantly, purchase orders serve as written agreements that include details about goods, quantities, prices, and delivery dates.

No matter what goods or services you purchase, you need a way to track those orders.

A paper-based purchase order process can work. But as your company grows, managing all the paperwork becomes a hassle and can slow down procurement.

So how can you create a more efficient purchase order process?

Using a purchase order (PO) system can help.

If you’re still managing purchase orders manually and are looking for a way to streamline this process, then keep reading.

In this article, we’ll walk you through what a PO system is, why your business needs one, and how you can set one up using frevvo’s purchase order workflow software.

Modern low-code platforms are so easy to use that you don’t need an army of expensive developers or a large I.T. budget. The interface is fully visual, so if you know how to use Excel then you can create your own automated workflows.

Continue reading →

Managing and paying invoices for your company

Finance Automation, Procurement Automation

How to Automate Invoice Management (And Why You Should)

Last Updated on November 1, 2021February 22, 2022 by frevvoblog

Managing invoices can be pretty straightforward when you only have a few vendors. But once your company starts to scale, invoice management becomes more challenging.

Slow processing times can damage relationships with your vendors and hurt your company’s long-term success.

Coding errors can result in items being billed to the wrong projects or GL categories – problems that are often hard to find and fix later.

So how can you easily manage incoming invoices, categorize them, ensure they’re valid, and make payments on time? How can you streamline and automate these processes?

This article will cover invoice management and some of the challenges that companies face when managing invoices. We’ll also look at how you can create an automated approval workflow using software from frevvo to streamline the invoice management process.

Continue reading →

Automated Purchase Order Tracking in 5 Steps

Procurement Automation

Automate Purchase Order Tracking in 3 Steps

Last Updated on May 6, 2021February 19, 2022 by frevvoblog

Purchase orders (POs) play a vital role in every organization, whether it’s a university ordering library books, a company procuring raw materials for manufacturing, or an agency purchasing services from a vendor.

POs are also one of the most admin-heavy business processes. They’re prone to errors, bottlenecks, lost paperwork, unnecessary back and forth, and maverick purchases.

This can lead to incorrect deliveries of goods and services, delayed orders, overspending, and even outright fraud if purchase order tracking systems are not in place.

Continue reading →

Procurement Automation

6 Proven Accounts Payable Automation Best Practices

Last Updated on February 24, 2021March 9, 2022 by frevvoblog

Think about the accounts payable (AP) invoice process in a typical business.

Often, invoices go to multiple people in the organization rather than being centralized. A recipient manually forwards the invoice to the accounts payable department for coding and review – usually by email. Someone manually enters invoice data into an internal system, the invoices are paid, and filed away – often in a folder.

Manual processing is incredibly wasteful and expensive.

It’s incredibly wasteful, error-prone, and costly. According to the Institute of Finance and Management accounts payable professionals spend a mind-boggling 84% of their time trapped in an endless cycle of manual and semi-automated AP processes, including data capture.

With a modern AP automation solution, your employees can stop wasting time on data capture and manual processes and can instead spend it on work that really matters.

Continue reading →