How do you control accounts payable effectively?
In order to maintain relationships with suppliers it is a good idea to manage invoices effectively, ensuring that they are paid correctly and on time. Automating accounts payable will mean that you don’t have any liabilities on your books for too long.
WHAT IS ACCOUNTS PAYABLE AUTOMATION?
AP automation, or accounts payable automation, is the process whereby accounts payable processes are handled digitally using technology, rather than manually. This can create faster, leaner, more cost-effective AP workflows.
AP automation solutions can intelligently capture and analyse the information that’s on your invoices, speeding up the process and helping reduce errors.
WHAT IS THE USE OF AP AUTOMATION?
AP automation gives you a single solution that manages the entire Accounts Payable process, from purchase order to supplier invoice approval.
1: AUTOMATE YOUR PURCHASING PROCESS:
- Create purchase requests;
- Automate workflow processes;
- Generate purchase orders automatically;
- Manage goods receipting; and
- Monitor your budget.
2: AUTOMATE YOUR ACCOUNTS PAYABLE PROCESS:
- Omni-channel capture (email, post mail, supplier portal): invoices, credit memos, orders, delivery slips etc.:
- Smart technologies for recognising and analysing data without any prior configuration. Over 80% of all invoices are automated:
- Approval workflow management of invoices and payments and issuance of digital vouchers to pay: and
- Export the data to the accounting software or ERP
3: ELECTRONIC ARCHIVING AND AUTOMATIC FILING OF ALL DOCUMENTS:
- Electronic management of all types of documents: invoices, orders, deliveries, human resources, legal, or technical documents, etc.;
- Full-text indexing of all documents: and
- Automatic filing within dynamic electronic folders
WHAT ARE THE BENEFITS OF AP AUTOMATION?
- Immediate decrease in manually intensive tasks;
- Handle invoices by exception, instead of handling them all;
- Reduced document storage requirements;
- Significant improvements in processing time and;
- Enhanced visibility of outstanding invoices and approvals.
Want to learn more about controlling your accounts payable effectively? Why not get in touch?
