What is AP automation?
Accounts payable automation (otherwise known as AP automation) is the transition from managing invoices manually to digitising the accounts payable processes. At Stratas, this includes purchase to pay (or P2P) automation, which automates the three-way matching of invoices by capturing, extracting and matching data from invoices with purchase orders and Goods Received Notes with zero interaction from the accounts payable team.
By automating the three-way-matching process, the P2P system provided by Stratas will not only save money, but more importantly, it will free up to 80% of the workload for the AP team to focus on invoices by exception only.
What companies have recently invested in AP automation?
Brian Currie (Milton Keynes) Limited
Brian Currie is a business whose name carries weight in the vehicle sales and maintenance industry. With the majority of accounts teams working from home since the COVID-19 pandemic, the finance team needed a system that was accessible in multiple locations. Finance managers also needed to be able to monitor the accounts payable process from any depot in the UK.
When Ariat started to explore the advantages of P2P automation, they were managing invoices manually, often keeping vast quantities of paper-based invoices in storage boxes. The aim of introducing AP automation to Ariat was to increase the visibility of accounts payable by reducing the paper trail involved in the finance department. This also helped Ariat cut back on paper wastage, allowing for a more environmentally friendly workspace.
What are the reasons for this transition?
Simplicity of an all-in-one solution
Setting up accounts payable automation with Stratas is easy; with Data Forge P2P being accessible to over 200 ERPs. Managing all your invoices on a single system provided by Stratas creates a universal system that is easy to access and reduces errors that occur when files are passed to different providers or external accountants.
Time and cost savings
Automating the three-way matching of invoices dramatically cuts the costs and overall workflow of accounts payable by up to 80%, saving companies weeks in both time and money.
Mobility and traceability
Data Forge P2P automation allows for greater traceability of accounts payable, reducing time spent following a paper trail of documents. Digitising accounts payable processes also means finance teams can access invoices from anywhere at any time with mobile devices.
Want to see how investing in AP automation could help your business grow?