With complex supply chains and high transaction volumes, the automotive industry faces challenges in efficiently managing Accounts Payable (AP) processes while effectively serving customers. But why should automotive franchise owners have to choose? What if you could have both?
Thanks to the advent of advanced technology, AP software has emerged as a game-changer for automakers and suppliers alike. And the right AP software is not just a software solution – it’s an invaluable member of your team that will have you wondering how you managed invoices before they came along.
With Plate IQ, automotive professionals can cut time spent worrying about vendors, billing, and processing, and can return to the work that they actually want to be doing.
Here are three ways Plate IQ is working with automotive professionals to streamline their AP processes. In turn, helping their businesses and those they serve:
Improved Accuracy and Approval Processes
Service writers and AP professionals are tasked with intaking invoices and organizing them for their respective locations, but even with their best efforts, human error may happen, especially if you have a large volume of invoices. When everything is done by hand or only some parts of the process are automated, it can cause burdensome time delays for everyone involved – including a less-than-ideal approvals process.
Maybe your current process looks something like this: An invoice is delivered by hand or emailed to your team. The invoice is manually verified and approved, then entered by hand into your accounting software. If it’s a paper invoice, it may even pass through many hands before reaching the person responsible for inputting the information. If it’s an email, it can be forwarded multiple times before reaching its final destination.
With so many steps, there’s a chance invoices will get lost or misplaced. And, with a large number of invoices coming in, your team likely has an entire day set aside just for ensuring everything is entered correctly into your system.
Plate IQ works with you, whether you manage invoices through paper, email, a vendor portal, or EDI. Once an invoice is uploaded to Plate IQ using your preferred method, it’s automatically digitized with 99% accuracy through advanced AI and machine learning technology, saving you time. Your invoice will then automatically go through the correct approval process, so only approved invoices are ultimately synced with your ERP or accounting software. All of the information on the invoice is automatically imported into your existing accounting software within 1.5 business days.
It’s this speed and accuracy that draws automotive franchises to use the software, including a large NAPA Auto Parts supplier.
Data-Driven Decision Making
Plate IQ’s software provides automotive companies with real-time visibility into financial data. Centralizing invoice and payment information gives your team access to comprehensive reporting and analysis, while customizable dashboards and analytics tools offer insights into cash flow, payment trends, and supplier performance. Plus, your team can quickly and painlessly compare current invoices to any historical data. Having accurate financial data helps you decide where to both scale and scale back.
Customizations Tailored to Your Business
Every business runs differently, and the right AP software should fit seamlessly into your model – not the other way around. Plate IQ allows you to tailor workflows and approval processes based on line items, departments, vendors, and invoice totals. If an invoice needs to be escalated, you won’t have to pop into anyone’s office to make sure it gets done; Plate IQ will handle it for you, based on your custom process.
Plate IQ works directly with your existing accounting software, by seamlessly integrating with popular platforms like QuickBooks, Microsoft Dynamics, Oracle Netsuite, Sage Intacct, and Acumatica, as well as industry specific ERP solutions. And, Plate IQ also offers spend management within the same platform.
Whether you manage an automotive dealer or supplier, Plate IQ can be customized to fit your AP needs. At Plate IQ, we’re more than the right software: We believe in the people we serve and seek to remove the barriers preventing them from doing meaningful work. Ready to put time back on your team's calendar to do the work that matters? Request a demo today.
ABOUT PLATE IQ
Plate IQ helps businesses and partners within all industries, including grocery, restaurants, hospitality, automotive and more, to automate Accounts Payable on their own terms with leading AI and machine learning. We simplify everything from invoice and spend management to payments for both recurring and one-time expenses with a cloud-first approach that enables remote work. For more information, visit plateiq.com or email
jburt@plateiq.com.
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