By reducing the number of invoices requiring manual processing, you’ll see a labor cost savings. Stop wasting time on routine purchasing and focus more on costly irregular purchases or value added activities.
By capturing all of the data on the invoice and the metadata about the receipt of the invoice from your vendors, you can have complete oversight into every detail of your invoices.
Multiple user types allow users to focus on just the data they need to do their job most quickly and effectively. Dashboards provide quick insight into performance status, individual production, and puts critical data just a click away.
When you automate your accounts payable function, you will actually see a cost reduction because your AP process will be more efficient and your employees will be more productive. The initial setup cost does depend on the size and complexity of your organization, so there isn’t a simple answer. Across the board, our clients typically break even in 9-12 months and see additional reductions in processing cost over time.
Accounts Payable Automation Software keeps track of every event and change from intake to payment. Using OCR in conjunction with our proprietary indexing technology, we guarantee 99.5% indexing accuracy, all backed by an SLA. Index invoices can be searched in a variety of ways. Beyond standard PO and invoice number searches, you can search by vendor name, date range, invoice total, GL Code, payment status, approval status, item or product descriptions, and more.
When using automation, the average days to process a vendor payment was reduced by nearly three days from 8.6 days down to 5.4 days. For PO Invoices, payments are usually processed and paid within 12 hours or less. Early payment discounts (and avoiding late payment penalties) make automating an obvious cost effective choice.
We do not require individual licenses; larger teams will save money and enjoy the benefits of more flexible access to our platform. Furthermore, our platform allows you to specify permissions for limited access, approvals, viewing/editing, reporting, and more. You have total control regarding who has access and who does not.
Our accounts payable software automates the invoice processing to reduce workload. Invoices can be automatically GL coded and routed for electronic approval, while invoices with POs will automatically, accurately match to Purchase Orders within your tolerances.
Gain control and oversight to quickly research issues and invoicing errors with access to every event and change, whether you’re looking at payment status or conducting an audit. All of an invoice’s processing detail is available at your fingertips.
We offer multiple methods of receipt, including email and EDI, to keep your process moving fast, and proprietary data capture technology ensures over 99.5% indexing accuracy. Our high volume invoice intake processes quickly get your invoices digitized, indexed, and processed.
AP automation software reduces touch points and keeps your invoices moving quickly and effectively. Multiple approval reminders or escalation emails can be sent to those who haven’t provided invoice approval. This allows for more early payment discounts and can eliminate late payment fees.
Our centralized document repository features the ability to search by more than 20 parameters including invoice number, vendor name, exact amount (or with variance), email of sender, file upload name, invoice date, create date, due date, work order number, PO number, last activity date, current status, and more. Once located, invoices can be downloaded individually or in volume.
Keeping good relations with vendors can save you money, labor, and hassle. Grant your vendors controlled access to the platform to search for their own invoices. Your AP department will experience reduced call and email volume when vendors can help themselves.