Accounts Payable Automation refers to the advanced technology that is used for streamlining and automating accounts payable processes. AP automation software removes manual tasks, provides better visibility, and also assists with critical financial data. This is a method of minimizing human intervention and eliminating error-prone tasks.
AP automation involves the use of software for digitizing the vendor invoicing process and establishing a faster, leaner, and cost-effective AP workflow. Automation helps you eliminate manual AP tasks, increase expenditure visibility, and establish cash flow.
AP automation solution delivers greater efficiency and effectiveness via:
- Faster invoice approvals: Manual invoices increases errors. AP automation software detects and rectifies errors before submission, and the invoice is emailed for approval.
- Timely payment: With quick approval, payments are also initiated in recorded time.
- Greater visibility: With an online network, an organization can keep a track record of invoices and payment status.
- Improved working capital management: Payments are made on time for better cash flow.
How does Accounts Payable Automation work?
Accounts payable automation allows companies to receive invoices, manage approvals and proceed with payment automatically in a single platform.
AP automation software converts the invoices into a standard format and initiates the workflow, which culminates with paying suppliers. This software uses OCR to extract information from invoices. AP automation software use cutting-edge technologies to recognize patterns and improve accuracy.
Why Choose Accounts Payable Automation Software?
Many organizations are looking to automate their accounts payable with different AP automation solutions. There are numerous ways why one must choose AP automation software, these includes:
- Reduced invoice errors
- Manage invoices for better cash flow
- Reduce invoice processing costs
- Engage your account department in more strategic and valuable activities.
Hermes Automation Software helps organizations process their invoice faster using OCR and machine learning. Hermes is an advanced AP automation software designed to streamline AP processes.
Why should you automate accounts payable?
It would be difficult to illustrate how significantly AP automation software contributes to automate accounts payable processes. Improving accounts payable is not simply a matter of finding newer, faster ways to bring improvement in cash flow. It also helps in addressing the underlying system and bringing expenditure management together. Let us have a look at some of the capabilities which makes the account payable process smoother:
- Involve the use of OCR to extract all the valuable details from the invoice
- Initiate the use of Artificial intelligence
- Offer a comprehensive view of spending via dashboards and reports.
- Allows AP team to route invoices based on rules and guidelines.
- Automate the time-intensive and error-prone process of matching invoice
What are the benefits of automating AP?
AP automation process offers many benefits for companies, such as cost-saving, processing efficiencies, reduction in errors, etc. Let us go through some crucial benefits:
- Automation fast tracks the invoice approval and payment cycle, cutting processing, and staff costs.
- Human errors in the invoice are reduced, and this has facilitated seamless data flow.
- Promotes visibility and transparency of invoice payment cycle.
- AP automation manages the timeline of invoice approval and improves the working capital management.
- Saves considerable time and manual effort.
Slow manual processes are a thing of the past. Innovative growing businesses must use accounts payable automation software to ensure more productivity and efficiency in the team. AP automation solutions integrates with the latest technology for synchronization of data, thus establishing a streamlined process for removing manual tasks.