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Accounts payable data analytics

Make smarter decisions with real-time data at your fingertips

When it comes to accounts payable, timing is everything. Any delay in information can mean a missed opportunity for cost savings. And often, the problem isn’t just in the numbers. It’s in the waiting. What if there is a way to shift to a more proactive management of your accounts payable?

Real-time data analytics connects your team with insights they need to make informed decisions. Identify and plug inefficiencies. Capitalise on opportunities. Ultimately, make timely decisions that drive profitability.
Transforming insight into action – that’s the true power of real-time data.

Zero errors, just total visibility in accounts payable

It’s a familiar story. Invoices pile up. Numbers get crunched. And, sometimes they don’t add up. These hidden and time-consuming errors need to be hunted down, draining your team’s time and your company’s efficiency.

Data analytics goes beyond simply providing actionable insights. It forecasts where errors might happen BEFORE they become a problem. Stop chasing down mistakes and worring about human error. With real-time data, you can make sure your business’s money is right where it should be.

Stay one step ahead with data-driven accounts payable

Harnessing the power of data analytics can change the way you do accounts payable. Here is how it works: 

Access real-time and custom insights

  • Instantly access personalised views tailored to specific business needs and user personas.
  • Empower Accounts Payable and finance teams with accurate reporting on liabilities, commitments, and accruals.
  • Stay informed with real-time actionable data, enabling timely decision-making.
  • Customise analytics to focus on critical aspects of your financial operations.

Improve payment cycle times

  • Access crucial accounting information using a single platform.
  • Analyse KPIs such as approval times, exceptions, and paper invoices.
  • Identify bottlenecks and optimise payment workflows for faster processing.
  • Enhance cash flow management and reduce payment delays.

Refine spend classification

  • Utilise the AI-based spend classification tool for precise spend analysis.
  • Enhance the accuracy of purchase orders and invoice spend data.
  • Automate error correction and normalise spend data for confident decision-making.
  • Gain better insights into spending patterns and identify cost-saving opportunities.

Streamline accounts payable process

  • Monitor Accounts Payable performance indicators for process optimisation.
  • Identify inefficiencies and streamline workflows for lower costs and fewer errors.
  • Improve supplier relations with fast invoice processing for improved efficiency and on-time delivery.
  • Enhance overall financial operations and boost productivity.

What our clients say about us

Ian W.
Group Treasurer at Macmahon
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"The implementation was remarkably smooth, with the SpendConsole and Macmahon teams working collaboratively to deliver the program on-time, on-budget, and meeting our business objectives."
Brendan F.
CEO & Founder at PRAAS
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"SpendConsole™ significantly improves ourprocessing times and minimises our risk of incorrect payments."
Brett F.
CEO, Fulton Francis - Global Managed Print Services
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"As their first customer, I embraced the power of their ai automation software to enable us to consolidate all of our supplier invoices across our global business in one place. This helps prevent incorrect and duplicate payments and has improved our payables productivity by over 50%."
Stefani P.
Manager Shared Service Integration at TAFE NSW
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"SpendConsole minimise manual touchpoints and promotes accuracy."
Amina B.
Director Shared Services Integration at TAFE NSW
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"SpendConsole team are supportive, collaborative and deliver outcomes that meet our organisations needs."
A businessman smiling and concentrating on his laptop screen, possibly analyzing data using digital payment reconciliation software in a bright office setting

Less risks for fraud, more confidence in compliance

Dealing with fraud and financial discrepancies in accounts payable is a constant concern. What if you could dial down the stress and create a stronger sense of compliance and confidence at the same time?

By bringing in a system that always looks out for suspicious activities, you spend less time anticipating fraud and more on making your financial operations solid. Keep an eye on your transactions, flag anything strange, and get what you need to make smart decisions.

Get ahead of the curve with real-time insights

Using real-time insights means you’re never just guessing. Every decision is backed by fresh, reliable data. To learn how you can use the power of data, contact us today.

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FAQs around Accounts Payable Data Analytics

How can accounts payable analytics improve my AP process?

Accounts payable analytics offer insights that were previously hidden in spreadsheets and paper invoices. By analysing AP data, you can identify bottlenecks in your invoice processing, optimise payment processes, and even negotiate better terms with suppliers.

For example, analytics might reveal that a high number of invoices get held up because of manual entry errors. Automating this step not only reduces discrepancies but can also lowers your cost per invoice.

Start by evaluating your current process, pinpoint where delays and missteps occur most frequently, and then implement solutions based on data insights to streamline these areas.

Automating your AP process can improve cost savings and efficiency.

First, it reduces the time spent on manual tasks (like data entry), allowing your team to focus on more strategic activities. Automation also decreases the processing time per invoice. This helps you avoid late payment fees and take advantage of early payment discounts. Additionally, it improves accuracy by minimizing human errors, enhancing your supplier relationships through reliable and timely payments.

To get started, take a look at your current workflow. Find repetitive tasks that can be automated and explore AP automation solutions that fit your business needs.

Data security is key when automating and analysing your AP data. Choose solutions with robust security features, including data encryption, secure access controls, and regular security audits.

It’s also crucial to train your team on data security practices, such as recognising phishing attempts and managing passwords effectively. Work with your IT department or an external security consultant to assess potential risks and implement a rock-solid data security plan that covers both your AP automation and analytics tools.

Yes, AP analytics can help forecast cash flow by providing real-time visibility into your financial obligations and available discounts.

By analysing payment terms, invoice due dates, and historical payment data, you can more accurately predict your cash outflows and identify opportunities to improve cash flow management.

For instance, maybe you can negotiate longer payment terms with suppliers. Perhaps you can also schedule payments to maximise cash on hand. Start by regularly reviewing your AP data analytics to understand your spending patterns and adjust your cash flow forecasts.

AP automation can significantly enhance supplier relationships by ensuring invoices are processed and payments are made promptly and accurately. Suppliers appreciate reliable payment schedules, which automation helps facilitate by eliminating delays caused by manual processing. Moreover, with real-time data, you can communicate more effectively with suppliers about payment statuses and resolve any issues swiftly. To leverage AP automation in strengthening supplier relations, ensure your system includes features for supplier communication and invoice status tracking.

To optimise invoice processing, begin by analysing your current AP process to identify inefficiencies. Implementing AP automation can streamline data entry, approvals, and payments. Additionally, consider transitioning to electronic invoices to reduce the handling of paper invoices. Establishing clear guidelines for invoice submission by suppliers and training your team on the new processes will also help. Regularly review your analytics to monitor improvements in processing time and costs, adjusting your strategies as needed to continue optimising the process.

Selecting the right AP automation and analytics solution starts with understanding your specific needs. Evaluate your current AP process to identify key challenges and objectives. Look for solutions that can integrate seamlessly with your existing systems, offer the specific analytics capabilities you need, and scale with your business. It’s also wise to request demos and trials to assess the software’s usability and effectiveness. Consider the vendor’s customer support and community feedback as part of your decision-making process.

Late payments can harm your supplier relationships, incur late fees, and damage your creditworthiness. AP automation minimizes these risks by ensuring payments are processed on time, every time.

With features like automated reminders and electronic payments, you can avoid common problems that lead to late payments. You can implement an AP automation solution with scheduling and alert capabilities and regularly review your payment process analytics to identify recurring issues.

Here’s a formula for managing high volume: AP automation, clear processes, and regular data analysis.

Automation software can handle large quantities of invoices by streamlining approvals and payments. You can establish standard procedures for handling invoices and train your team accordingly to help manage the workload. Then, you can use AP analytics to track the number of invoices processed, their processing times, and any discrepancies – enabling you to continuously refine your approach.

To reduce cost per invoice, you need to enhance efficiency and eliminate errors. Automation plays a key role here, because it helps streamline the entire AP process, from invoice capture to payment. Electronic invoicing can also cut costs that come with paper invoices.

Regularly analyse your AP data to identify trends and areas for cost savings, such as taking advantage of early payment discounts. Lastly, renegotiate terms with suppliers to optimise payment schedules and reduce expenses.