Palette allows these firms to ingest invoice information from suppliers in an expedient fashion, handle invoices with an automated process for approvals, and provides a trail that auditors can examine.
Palette North America’s Michael Cichy said in the announcement, “Palette helps engineering and construction companies process supplier invoices quickly and efficiently ... automating and streamlining the AP process with technology that is easy to use reduces the stress of trying to input and approve large volumes of supplier invoices every month.”
Finance administrators and project managers both benefit from automation of the accounts payable process.
Finance administrators have less work because manual signatures aren’t required, paper files are taken out of the equation and invoice data can be searched. And project managers can simply locate items on past bills to view past payments and note differences in price.
Also, the approval workflow is coded into the system, where exceptions are handled. As a result, administrators and approvers have a faster way to take care of problems. Administrators can also provide some access to the search system to auditors.
In addition, project managers don’t need to find certain projects by general ledger (GL) account code numbers; instead, they can locate them by name.
Palette, for its part, helps optimize financial management for over 4,000 clients throughout more than 50 nations.
Centsoft links with various enterprise resource planning (ERP) technologies such as NetSuite, SAP Business One, QuickBooks and Dynamics 365. And its technology automatically imports the vendor register, currencies, and vendor accounts.