Streamlining the Entire AP Process
From initial product sourcing until the payment is processed, AP automation streamlines the entire accounts payable workflow for the AP team.
Automation solutions that use AI and machine learning allow you to automate time-consuming, error-prone manual processes like data entry and three-way matching, with every invoice checked against purchase orders and shipping receipts to verify its accuracy, with exceptions flagged for further investigation.
AP automation also helps reduce the stacks of paper documents that procurement and AP departments typically deal with daily. Digitally archived documents don’t go missing as easily as paper.
Automatic Connection Between Buyers and Suppliers
AP automation makes it easy to locate the right vendor for each purchase, which reduces incidences of rogue spending and invoice fraud, while also ensuring that credit terms and pricing are accurately reflected on all relevant documentation.
Reduced Processing Time and Cost
Streamlining your AP process not only helps you improve AP cycle time, but it also helps eliminate costly penalties including late payments and the resulting late fees or missed early payment discounts.
Automating AP also helps eliminate fraud, duplicate payments, and time-consuming manual processing that end up costing your business a lot.
Using automation, every step of the procurement process is immediately available, including vendor details, payment terms, and pricing levels. In addition, real-time spend reports are available, and cash flow reporting is more accurate.
Easier Payment Processes
In addition to better management of both procurement and invoice processing, AP automation offers electronic vendor payments capability, which means faster vendor and supplier payments along with the ability to take advantage of early payment discounts.