AP Automation
Why AP Automation is necessary:
Accounts Payable is a critical part of any business. Accurately paying approved and validated invoices not only keeps the lights on, literally, but also manages cash flow, strengthens business relationships, and can result in deeper discounts and/or larger rebates from your vendors.
Adopting the use of automation can help you to keep costs down while increasing speed and visibility and maximizing compliance and security. Improve your entire AP process with accurate and intelligent data capture that can manage and analyze both structured and semi-structured invoice data and match it against ERP master data. Our software seamlessly integrates with your ERP applications with no additional hardware or disruptions to your ERP landscape.
AP Automation software is a game-changer. Businesses can automate every phase of the AP invoice process from reception of the original document to creation of an accounting book entry in your ERP system. Increase speed and visibility over invoices and closing procedures while easily identifying process improvements. Reduce risk and prevent fraud with a full audit trail and rules based electronic workflow to identify duplicate payments. Improve supplier relationships with on-time invoice payments, rapid dispute resolution and real-time communication. Achieve 100% visibility and improve your entire AP process. Real-time tracking and reporting capabilities deliver constant visibility over supplier invoices.
ERP Integration– Our software seamlessly integrates with your ERP applications with no additional hardware or disruptions to your ERP landscape. Simultaneous integration with multiple ERPs, simplifying diverse environments resulting from M&A activity can also be implemented, an important feature in today’s environment.
Real-Time Tracking and Reporting provides visibility and traceability. Track key metrics with customizable dashboard and follow invoices throughout every phase of processing. Monitor performances and spot problems or opportunities as soon as they arise. Access to standard financial metrics and KPIs, such as aging reports, payment forecast reports, days payable outstanding and more.
- AI-Driven Data Extraction and Invoice Routing: No matter how you receive your invoices- through email, scan, Fax, EDI or supplier portal, the system expertly matches, processes, and tracks all invoices on one single interface regardless of the reception channel. Define business rules to automatically route invoices to the correct AP Specialist based on extracted invoice key information. Prioritize the processing of urgent invoices through invoice prioritization management.
- Data Verification-Supplier is automatically identified on invoice and validated against ERP master data. Automated check on header and footer information and duplicate invoice check. Invoices are automatically matched with the corresponding PO lines and goods receipt for touchless processing when there are no exceptions. Early payment discount management displays on a home metrics page the amount that is available for early payment. The software also points out the monetary value of potential late fees for invoices approaching their due date. This allows the AP Specialist to speed up the approval process and avoid late payment fees.
Leveraging AP Automation Produces Powerful Results
- Achieve 100% visibility and improve entire AP process
- Increase productivity by 60%
- Reduce processing errors
- Ensure regulatory compliance
- Accelerate financial closing periods
- Increase employee satisfaction and talent retention