What is Accounts Payable automation?
AP automation, or accounts payable automation, is the process whereby accounts payable processes are handled digitally using technology, rather than manually. This can create faster, leaner, more cost-effective AP workflows.
AP automation solutions can intelligently capture and analyse the information that’s on your invoices, speeding up the process and helping reduce errors.
WHAT IS THE USE OF Accounts Payable automation?
AP automation gives you a single solution that manages the entire Accounts Payable process, from purchase order to supplier invoice approval.
1: AUTOMATE YOUR PURCHASING PROCESS:
- Create purchase requests;
- Automate workflow processes;
- Generate purchase orders automatically;
- Manage goods receipting; and
- Monitor your budget.
2: AUTOMATE YOUR ACCOUNTS PAYABLE PROCESS:
- Omni-channel capture (email, post mail, supplier portal): invoices, credit memos, orders, delivery slips etc.:
- Smart technologies for recognising and analysing data without any prior configuration. Over 80% of all invoices are automated:
- Approval workflow management of invoices and payments and issuance of digital vouchers to pay: and
- Export the data to the accounting software or ERP
3: ELECTRONIC ARCHIVING AND AUTOMATIC FILING OF ALL DOCUMENTS:
- Electronic management of all types of documents: invoices, orders, deliveries, human resources, legal, or technical documents, etc.;
- Full-text indexing of all documents: and
- Automatic filing within dynamic electronic folders.
What are the benefits?
By automating AP you will achieve simplicity, speed, and immeasurable savings. Our mobile-friendly platform ensures you can start processing invoices more efficiently, even whilst working away from the office.
By manually keying in data there is room for human error, accidentally typing in the wrong number, putting something in the wrong place, or deleting something you shouldn’t have. By automating AP, your data will be captured electronically, which not only speeds up the process but also removes the risk of errors that could cost your business money.
Invoice cycle time is often a challenge to stay on top of when done manually. To keep the cash flow liquid your business should pay invoices on time. Automating AP speeds up the process from intake to approval, ensuring that everything is paid on time.
Protect yourself from fraud:
To protect your business from fraud it is crucial that your team follows the correct approval process and only pays legitimate invoices. Automated systems track every action that takes place on an invoice, from who handled it to what steps have been taken.
Improve vendor relationships:
Once your team is spending less time manually keying in data and matching invoices, you will be more likely to make early payments and receive vendor discounts. Consistently paying invoices early will improve your relationship with vendors which could benefit you and your business in the future.
Grow your business:
Technology is ever-evolving and the way we run our businesses is changing alongside this. Automation allows your business to grow and change with the times. As technology improves so can your automated processes, allowing your business to grow to its full potential.
By automating AP you could achieve simplicity, speed, and immeasurable savings. Powerful AP automation is now easy and accessible to businesses of all sizes and industries. Our mobile-friendly platform ensures that you can start processing invoices more efficiently, even whilst working away from the office.
Would you like to find out more about how Accounts Payable automation could benefit your business? Why not get in touch.