Accounts payable automation
Accounts payable automation (or AP automation) is slowly becoming standard among effective and cost-conscious organizations around the world. By using a software system for accounts payable automation, companies shorten their payment cycles, cut down on AP-related costs, and increase control over the AP-cycle.
Go green with accounts payable automation software
An accounts payable automation system will not only reduce costs and payment cycles, it will also spare the environment by using less paper and transports.
Accounts payable automation - How it works
Paper invoices are scanned and turned into a digital image. From this image, the AP software can automatically extract information. If it is an electronic invoice, it is directly imported into the system.
The accounts payable automation software thereafter matches the extracted information against a purchase order. If there is a complete match between the purchase order and the invoice, it is posted for payment automatically. If no purchase order exists, it is routed to the correct person in a cost allocation cycle.
With an accounts payable automation system, you can follow the whole accounts payable cycle, giving you full control over costs, bottlenecks, or other problems that may occur. This will provide you with a complete audit trail to support compliance with legislation such as the Sarbanes Oxley act (SOX.)
Accounts payable automation - the benefits of implementing an automated software system
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Accounts payable automation is more cost effective than manual handling.
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Accounts payable automation is faster than manual handling.
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Accounts payable automation will give your AP staff time to focus on more productive tasks.
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Accounts payable automation will give you better control over your AP cycle.
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Accounts payable automation will enable you to take advantage of early payment discounts and avoid late payment penalties.