Automated accounts payable software streamlines and standardizes your company’s AP process, reducing costs and providing improved visibility into invoice processing. It’s an invaluable tool for reducing errors, speeding up processing, protecting against fraud, and simplifying communication.
Once you optimize AP processing, it just makes sense to optimize payments as well. You don’t want to get bogged down with an inefficient payment system after you made sure that invoice processing moves swiftly and seamlessly. It would be inefficient and a waste of time for your finance team.
You can get rid of your manual, cumbersome, internal processes with NextProcess’s Payment Solutions. Embed this program into your existing AP software for a fast, simple payment solution. It combines software and elite service to provide quick, easy, and reliable ways to issue payments to your vendors and suppliers.
Automate Invoice Processing and Payment
With NextProcess’s AP software, incoming invoices are processed using AI/machine learning technology to capture all critical data points with 99% accuracy. Our system works equally well on standard and non-standard invoices. For global accessibility, our AP module supports invoice processing in multiple languages.
Once invoices enter the system, automated approval workflows and PO matching logic enable seamless, no-touch processing for most invoices. This processing is powered by system-learned rule sets. You can customize the processing according to your company’s policies and standards, and the software “learns” as you use the system to become increasingly efficient. This dramatically boosts your team’s efficiency for good-to-pay invoices, giving them more time to focus on invoices requiring intervention.
For invoices that cannot be automatically processed, the software consolidates data anomalies and provides a clear overview of outstanding issues. This empowers your company’s AP team to resolve exceptions quickly and efficiently.
Finally, NextProcess’s Payment software ensures timely, accurate, and secure supplier payments. You can automate payment processing according to customized rules, including which payments require approval from the finance team and what payment types to use for different payments. This is particularly helpful for streamlining recurring payments to trusted suppliers.
Payments Your Way
It would be nice if all suppliers and vendors accepted your company’s preferred payment type. Alas, things aren’t that simple. Some still require paper checks. Others only accept certain types of digital payments. Juggling these different payments can be a challenge for AP teams.
NextProcess offers payment solutions that include ACH, wires, check printing, virtual credit cards, and supply chain financing. Just choose how you want to make your payments, and let our system do the rest. Your company maintains control over payments, but gets to outsource the labor to our secure software system. You can also track payments in real time to confirm delivery, ensuring critical transactions are completed without any mishaps.
You can also easily pay vendors outside your country. Whether you’re managing international suppliers or remote contractors, NextProcess’s payment solution supports multiple currencies, secure cross-border transactions, and compliance with global payment standards.
Seamless Integration
If you’ve had to work with multiple software programs in the past, you probably know how hard it can be to make them work seamlessly together. I know I’ve wasted more time than I can count trying to move files from one program to another and needing to convert file formats.
With NextProcess, you don’t have any of those software conflict problems. All of our software integrates seamlessly with your existing ERP programs and with hundreds of widely used accounting systems. You can start using our payment disbursement module without updating your current system.
In addition, our software modules are all designed to seamlessly work together. If you’re already using NextProcess’s AP Automation Solution or you plan to implement our AP automation in the future, it is very simple to embed the Payment Solutions module.
Gain Control and Confidence
With automated payment solutions embedded into your accounts payable process, your company gains increased control over payments and confidence in the accuracy and security of those payments. You can track the software’s efficiency easily with configurable KPI tiles on the software’s dashboards. These KPIs provide real-time metrics, giving finance teams data-driven insight into their performance.
Automated processing and payment help optimize AP by reducing transaction costs, capturing early payment discounts, and unlocking virtual card rebates. The system makes it much easier to monitor and manage payments. You get increased visibility over your payment options, due dates, options for early-pay, and payment processing.
Optimization and compliance go hand-in-hand with NextProcess software. Your finance team can maintain compliance and reduce fraud risk with configurable user access, enforced segregation of duties, and real-time monitoring. The system also automatically creates detailed audit trails. With NextProcess, your company gains full visibility and control over every invoice processed and every payment issued.
Scale Processing To Your Company’s Needs
One of the great things about NextProcess’s Software-as-a-Service (SaaS) solutions is that they scale to your company’s needs. Pricing is based on transaction volume, and you can add as many users to the system as you want without paying extra licensing fees.
You can definitely use NextProcess for small and mid-sized businesses, and the software easily scales as your company grows. That said, our software modules are specifically designed to support high-volume, high-dollar payment environments across thousands of suppliers and multiple entities. You can create a centralized AP and payments system that updates in real-time across multiple company locations. This software enables fast and easy collaboration within finance teams whether employees are working in the office, at different office locations, from home, or while traveling.
Contact NextProcess today to learn more about how our AP and payments solution can support your company. Tell us about your current workflow, pain points, goals, and existing software stack. We’ll shape the conversation around your company’s needs, including a customized demo showing how our software can help your finance team.
