Accounts Payable processing represents a major percentage of “the cost of doing business”. PN3 believes this cost should be as low as possible. Stop relying upon costly, time-consuming paper based workflows to manage this critical business process. Automation is the key to reducing your costs and ensuring regulatory compliance. Eliminating paper and placing process alerts in front of the appropriate participant at the moment the process requires their action will minimize your costs. PN3 for Payables enables you to rapidly implement anddeploy electronic payment processing workflows configured to adhere to your organization’s spending policies.
Users can quickly convert paper invoices to digital images to facilitate electronic distribution and filing.
Using a customer-defined process flow, invoices are automatically routed electronically to the appropriate user(s) for action. Users can quickly review a comprehensive package including the invoice, attached documents and notes, prior to taking action. Automated reminders ensure that time-sensitive invoices are never overlooked.
PN3 for Payables maintains an electronic history of every transaction that can be retrieved in seconds forming a complete audit trail for each invoice.
There is a lot of visibility in the process. Before we wee using paper invoices. They would come into the office and would get distributed into individual mailboxes for staff and the accounting department wouldn’t know there was an invoice until it arrived back to them. Now the invoices go directly into PN3.
The receptionist used to distribute invoices into the right mailbox, but it wasn’t always correct. Otherwise, staff wouldn’t check their mailbox in a timely fashion or would be out of the office.
Now, invoices can be scanned quickly and added to the program. Instead of waiting to be picked up by staff, it’s proactive that they can do this work while they’re traveling or not on-site.
We can easily review who has approved a document. Once it goes through all of the approvals that are required, the finance department can do a final review before the payment is issued to ensure everyone who needs to see it has seen it.
One great benefit of PN3 is integration of our corporate credit cards that we hand out to staff. We used to give everyone paperwork with the transactions and they’d have to give us their receipts and it was very time consuming.
PN3 customer support is very helpful and will do conference calls to help you out. They receive feedback great and implement changes within the next update.
Prior to engaging with PN3, our systems were paper based. We had 12-15 file cabinets and outside storage which was a huge expense to us. All of our internal processes was slow and our average pay cycle was 60 days.
We implemented PN3 in a very short-term and easy to understand way. The staff at PN3 made it that much easier.
When we made the transition from a paper-based system to electronic system, we had the ability to take all paper invoices including expense reports and archive them into the system. This was helpful from a management purpose and an internal control purpose and for our auditors.
PN3 has come out with many enhancements such as contracts that can be managed online for our consultants, so we know when they are coming due and how much we pay them, and to have an electronic copy of the contracts and not have to file them away or in a file server. This makes them accessible to the finance department and the entire organization.
With PN3 we can implement thresholds for internal control structure.