Imprest is a one-of-a-kind innovative modules in PAR level. Imprest will replace client’s existing Accounts Payable module found in their Accounting Back Office System. The client’s Accounts Payable module is data entry intensive, usually processed by an Accountant. The existence of Imprest implies all data entries will be entered by real Procure 2 Pay innovation from PAR level.
PAR level is designed to provide organizations with control and visibility over the entire supply chain life-cycle – from the way an item is ordered, the way that the final invoice is processed, to the way the item is restocked – providing full insight into cash-flow, asset control and financial commitments. It is now deemed an important tool for proper implementation of Expense Accounting and Budgeting.
Financial commitments are understood at the point they are committed to rather than when invoiced. Organizations automate invoice processing, purchasing policies and procedures to bring financial rigor and process efficiency to the business of buying. Purchase order and non-PO spending, capital, credit card and reimbursable spending can be captured and controlled through automated Purchase to Pay systems.
Finance departments can also enforce internal spending controls and have instant access to data that tells them who is spending, what they are buying and paying for, and with which vendors. As a result, efficiency and cost saving benefits can be substantial. Despite the availability of technology that can drastically reduce the mountains of paperwork and inefficiencies plaguing accounts payable, few companies have addressed AP transformation like other processes essential to the business.