Lead business growth tomorrow by Automating your AP processes today
AP Automation software converts your supplier invoices into a standard digital format and then processes the invoices through an intelligent digital workflow. Ready for payment and reconciliation.
AP Automation uses advanced technologies such as optical character recognition (OCR) to extract information from invoices and artificial intelligence (AI) and machine learning (ML) to recognise patterns over time and improve the accuracy of data extraction.
Customised business rules such as acceptable variances and approval workflows can also eliminate the need for manual interventions and provide the ultimate straight-through, touchless invoice processing.
Growth-minded businesses can no longer afford to be stuck in the vicious cycle of manual, time-consuming, repetitive tasks. Now is the time to rethink the way your AP operates.
Accelerated invoice approval cycle time enables buyers to capture more early-payment discounts.
Scale your AP more easily as your business grows by reducing the need to hire more people.
Errors are dramatically reduced, leading to financial and resource savings by eliminating the cost associated with correcting manual errors.
Empower your vendors to monitor the status of invoice payments and reduce the number of inquiries sent to the AP department.
Cloud-based AP automation solutions can be deployed fast and with minimal disruption. Accounts payable automation can easily integrate with your company's ERP, databases, and major financial systems and be remotely deployed in a few short weeks. There's no need to log in and out of different applications or re-enter data to multiple systems.
Use Enterprise-grade business rules to protect your funds. AP automation provides configurable business rules and workflow approvals that reduce the manual tasks that can open the doors to fraudulent activity. Additionally, AP automation provides document management which can be beneficial for auditing and protects both buyers and suppliers by improving the transparency of transactions, making it easy to catch duplicate invoices or payments.
AP automation software provides a clear window to your payment cycle with comprehensive dashboards. It's easy to see where an invoice is sitting and who to contact in case of delays. Data can be imported and exported with real-time access—perfect for reporting and analysis, especially at the end of business cycles.
Artificial Intelligence can transfer and process data almost instantaneously, and with pre-build intelligent workflows, get the work done much faster. Automation can clear the path for straight-through processing, allowing your AP department to scale.
Myhealth Supports Accounts Payable Automation – ACMO
Myhealth Medical Group replaced their manual approaches to invoice processing with Kofax AP Essentials™
Cloud technology enables businesses to automate their accounts payable processing without the hefty capital investments, IT involvement, or complicated software or hardware deployments required of traditional on-premise software solutions.
AP automation solutions are not a replacement for an ERP; instead, AP automation will automate invoice receipts and approval and deliver information directly to your ERP more quickly and accurately.
In a manual AP workflow, errors can occur at all stages, from incorrect data entry to approvals getting struck on the signing authority's desk. Workflow automation streamlines the process from when the invoice is received to when the payment is made.
AI in accounts payable can automate repetitive tasks, analyse large amounts of data, and apply learning to new data sets and invoice formats, allowing the system to improve extraction accuracy.
There are three main ways that an Accounts Payable automation solution will improve your bottom line. The first is that Cognitive Capture will transfer all the information on your invoices, eliminating manual input and the possibilities of human error. Secondly, with faster invoice processing, there are opportunities for early payment discounts and, at worst, no more late payment penalties. Thirdly you will now have graphical dashboards with drill-down data and ad hoc reports to enable better decision making by identifying patterns in spending.