Improve cash cycle outcomes with accounts payable automation

Accounts payable (AP) automation uses technology to streamline the entire process of handling invoices. Instead of manually entering data, chasing approvals, and matching information with POs—processes that are prone to errors and delays—AP automation uses software to do all this work automatically with minimal human intervention. No matter the source, format, or language, invoices are processed faster, with fewer errors, and at a lower cost.

With AP automation, you also get immediate control over and insights into your cash flow, ensuring that you stay compliant and avoid losses. It easily adapts to changes in your supply chain, quickly learning about new vendors and invoice formats as they emerge.

AP automation uses smart software to handle common AP tasks like data entry and validation. Using the latest optical character recognition (OCR) technology, AP automation solutions accurately read and capture invoice details. Most invoices are processed without human intervention, seamlessly integrating with your existing AP, robotic process automation (RPA), enterprise resource planning (ERP), and enterprise content management (ECM) systems for a smooth, end-to-end workflow.

AP automation makes it easier for employees to submit expenses by allowing them to do it digitally. The system automatically reads receipts using optical character recognition (OCR), checks for compliance with company policies, and gets them approved electronically. Reimbursements, too, are processed quickly, based on the employee’s payment instructions. AP automation platforms also work seamlessly with your accounting software and provide valuable insights into your organization’s spending patterns.

Slow or error-prone AP processes can cause a ripple effect of problems for your accounting and finance teams. Delays, mistakes, lack of transparency, regulatory risks, and even liabilities issues can arise.

Intelligent AP automation can address these challenges by processing invoices significantly faster and more accurately than is possible manually. With the ability to work around the clock and handle invoices in many formats and languages—all while adhering to country-specific tax and compliance rules—today’s AP automation platforms offer a comprehensive solution for streamlining your financial operations.

AP automation connects with ERP platforms using secure digital bridges called application programming interfaces (APIs). This allows information to flow seamlessly between the two systems, streamlining your financial processes.

Your data updates automatically in real time, reducing manual errors and saving time. Plus, you get a single source of truth for vendor information, making it easier to match and reconcile invoices. The integration also enhances reporting and analytics and maintains accurate records for audits and compliance with regulations.