WHAT IS ACCOUNTS PAYABLE AUTOMATION?
Accounts Payable Automation or AP Automation is a process of optimizing your accounts payable process and making it touchless. It helps you minimize human intervention and eliminate human errors. The overall objective behind automating accounts payable is to achieve greater efficiency, bring better visibility and control, and overall effectiveness.
Accounts Payable Key Challenges
AP Process is Inefficient
- Paper-Based
- People-Based
- List Item #3
- Manual Routing
- Manual Data Entry
AP Process is Inefficient
- Exception Handing
- Supplier Queries
- Discrepancies
- Duplicate Invoices
- Error-prone
- People development
Weak Visibility & Control
- Number of Invoices per FTE
- Invoice Lifecycle
- Number of Invoices in exception
- Straight through processing rate
- Days payable outstanding
- Average cost per Invoice
The Intelligent AP Automation Journey
Read email, scanned invoices, FAX
OCR, NLP, machine learning using templates
Auto validation of extracted data or raise validation request
2-way or 3-way match
Analyze trends for root cause and cure
Approved invoices are directly posted into ERP
Invoices which need approvals are routed based on your business rules and workflow
Invoices with exceptions are intelligently routed to designated team
Free up your AP resources to focus on more business critical activities
Leverage Robotic Process Automation
- Invoice data extraction based on flexible logic, OCR, NLP and machine learning
- Automate data input, error reconciliation, and some of the decision-making with Robotic Process Automation (RPA)
- Digitization, management and invoice monitoring with e-invoicing
Get Insights at your findgertip
Intelligent Reporting capability
Get on demand access to the reports and dashboards you need to successfully manage your Accounts Payable processes.
You can configure the reports and dashboards easily as per your requirement with having dependency on your IT team. Its easy to use, super fast and user friendly.
Give your suppliers more power
Supplier Self Service Portal
Our AP Automation software comes with a pre-built Supplier Self Service Portal. This portal allows your suppliers to upload the invoices themselves, track the payment status, raise a query and respond to any queries raised.
evaluate teams performance and effeciency
Interactive Dashboards and Reports
Configure reports and alerts, get access to beautiful and customizable dashboards, and real time visibility and control to the line managers.
The application can be configured to trigger an automatic alert and notification to the relevant teams on exceptions, payment reminders, etc.
Key Features of our AP Automation Software
Data Capture
- Document recognition / Data extraction / Auto-Indexing based on flexible logic, OCR, NLP and machine learning.
- Invoices stored in inbuilt Blob storage or customer DMS.
Match and Exception Process
- Automated business rule checks, 2-way, 3-Way matching
- Exception Invoices are sent to proper team as pre-configured in workflows
Approval Workflow
- Multi-step approvals and a robust, conditional approval matrix for Non-PO Invoices.
- Email notifications for approvals pending action.
Compliance
- Ensuring tax compliance & Integrity of the content. CFO’s get the control and compliance for every transaction
- Complying with document archiving rules
Workforce Collaboration
- Collaborate between workforce and suppliers on status, comments and exceptions
Straight through Processing
- Achieve high STP through automation and post the invoice directly to the ERP
ERP Integration
- Integrate through RPA, API or Manual CSV import / export
Analytics: Trends & Workforce
- Invoice trends for Root case analysis, Training & process improvement.
- Workforce KPI’s & productivity metrics
Other Out-of-Box Features
- Penalty Management and exception approval workflows used particularly by Governments
- Travel Expense Management for Employees and Suppliers with approval workflow
- Multi-currency for global operations
- Multi-lingual supporting English, Arabic, French and Spanish