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
By scanning your incoming invoices, a digital image is created. From this, the software extracts information.
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.
After the correct information has been extracted, the software interacts with financial systems such as SAP and Oracle and compares invoice numbers, goods received, purchase ledger, etc.
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.)
The level of Accounts Payable Automation is defined by the user. At the highest level of Accounts Payable Automation, no one even has to see the invoice after scanning. The accounting process (information extraction, verification against business systems and approval) can be fully automatic.
Accounts payable automation - the benefits of implementing an automated software system
Accounts payable automation is more cost effective than manual handling.
Accounts payable automation is faster than manual handling.
Accounts payable automation will give your AP staff time to focus on more productive tasks.
Accounts payable automation will give you better control over your AP cycle.
Accounts payable automation will enable you to take advantage of early payment discounts and avoid late payment penalties.
Accounts Payable Automation will give you better control over your accounting process. It will also make it faster and less expensive.
The software ReadSoft DOCUMENTS for Invoices will automatically extract information from your incoming invoices and validate it against your financial system
Accounts Payable Automation means faster invoice processing, using less staff. Since you will have a fully electronic accounting procedure, Accounts Payable Automation brings you better control and less human errors.
The major player in Accounts Payable Automation
With some 1500 customers all over the world, ReadSoft is the largest supplier of software for Accounts Payable Automation. Millions of invoices are processed every year with AP Automation software by ReadSoft
Read more about Accounts Payable on ReadSoft's website>>