Automation of accounts payable, also known as AP automation is a method of automating the handling and payment of accounts payable electronically. It has revolutionized the way that businesses accept and handle payments.
Account payable automation
Automating account payable allows buying companies to receive invoices and approve payments from one system.
Account payable automation covers three components
Invoice processing solution
A solution for invoice processing can allow you to send invoices electronically or convert from paper to digital. Electronic invoicing can be achieved through B2B/EDI connections or PDF invoicing. You can also receive receipts via a supplier portal. Thryv invoice software makes it easy to make payment arrangements in the most efficient way for your business. The cloud uses artificial intelligence or OCR to scan paper invoices and process them in the cloud.
Workflow and Matching
Once the data has been collected, invoices can be matched with buy contracts or goods receipts or automatically forwarded to the right team or individual for approval and inspection. Once approved, they are sent to the ERP system or financial system for payment.
Audit and Archive
Audit trails of all invoice actions can be accessed for financial audit purposes. All invoices are stored securely. Electronic archiving of invoices makes it easy to locate and search for invoices from any place and at any time. Click here to learn more about account payable automation.
The benefits of account payable automation
Time-Saving
Time is valuable in a business. An AP automation solution can help you save time processing invoices and payments manually.
On average, manual duties consume 25% of a work week. Your AP staff will have 25% more time for higher-value projects if they are freed from manual duties. This equates to 10 extra hours per week in a 40-hour workweek.
Reduce the cost with
Automated solutions reduce expenses efficiently by eliminating manual invoice processing. They also reduce check printing materials, MICR Toner, check stock and envelopes orders.
The following are the capabilities of our Account payable Automation Solution:
You can reduce costs up to 80%
There will be no additional software costs.
You can make revenue by using virtual cards
Revenue Generation
Invoicing and electronic payments can also create a revenue stream. Every virtual card you deliver generates a monthly discount for your company. This transforms your accounts payable department into an income producer (usually close 1% of total spend, paid monthly).
Virtual card rebates offer an immediate return on your investment in any transaction made with a seller using a virtual card.
The more you use virtual credit cards, the more you can make.
Higher Confidence and Control
Automating your account payable processes gives you greater control and the confidence that it is working for you.
You can enjoy the benefits of AP automation without compromising cash flow transparency and control. You can move to digital AP with no outsourcing, while still maintaining your bank and ERP.
The best thing about automation? Automation can be implemented gradually or at once.
Better Organization
Because all details on invoices and payments are available instantly, you don’t need to manually search through them.
You can access real-time business intelligence analytics from your kitchen table. Automated processes can also be customized and have internal controls that limit fraud and human errors.
Safe and Secure
Your accounts payable automation solution stores data in the cloud. This gives you the peace of mind that your documents are secure and safe to the same level as a bank. Financial professionals were also advised to be vigilant. You can use the following methods to protect your company:
Regularly validating fraud controls
Develop new control strategies, and put them into practice
Invest in safer platforms
To protect your company against scams, it is important to keep up to date with technology.
You can save time and money by eliminating the human AP processing and moving to the simplicity and revenue-generating machine.
