Payment plans are used for automating recurring expenses – even those without purchase orders (POs) – for categories such as rentals, utilities, cleaning and subscriptions.
The first step in driving efficiency through AP automation typically involves funneling more spend through POs; the next step is to look at recurring spend. Even with driving more spend to a PO process, there will always be a certain amount of non-PO invoices, and those are often recurring expenses. The enhancements Basware made to payment plans are streamlining the handling process for those invoices and automating regularly occurring payments for AP professionals.
With the new enhancements, the business users do not need to track regularly occurring invoices, nor do they need to chase down AP professionals to fill out information for the payment plans. Instead, the solution automatically identifies recurring invoices and recommends the business user to request a payment plan. After the request is placed, the process is easy – all required information is automatically populated, so the business user can manage the task from start to finish in just a few clicks.
Once completed, the plan is sent for approval with dedicated fields to the reviewer and approver, making it easy for the payment plan manager to enter the new plan into workflow. In addition to schedule-based, recurring invoice, payment plans also support self-billing and budget-based invoices.
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