All this in a fraction of the time the manual process took and without your accounts payable team having to lift a finger!
Wondering what kind of Accounts Payable tasks can be automated?
Pretty much any you can think of. Here is a list of some of the main tasks that can be automated with an APA system:
APA systems can extract invoices from inboxes and quickly capture key information. This saves your AP team a huge amount of time on the tedious task of having to manually enter these details and frees them up to focus on more important tasks.
Invoices are automatically filed and indexed in line with your requirements, which makes it easier to search for and analyse the figures. This helps organisations to keep track of things like expenses and revenue and stay on top of their finances.
The extracted data is validated and verified for accuracy against existing records/ transactional data in your ERP/accounts system or your own predefined criteria.
Invoices and receipts are matched to detect duplicate bills or payments and prevent double payments. Flagging and correcting errors at an earlier stage of the process speeds things up and avoids overpayments
No more chasing people for approval – by automating the approval process you can significantly reduce the time it takes to manually review each invoice before approving it for payment. Invoices are automatically routed to the relevant people for approval, along with supporting documentation, like receipts, and signatures are collected electronically. This reduces the risk of bottlenecks, as there is complete oversight on what stage each invoice is at.
Approved invoices are automatically posted to your ERP/accounts system for processing.
Tracking & Reporting
Automating the AP Process provides real-time visibility into your accounts payable data, enabling you to track payments and generate reports on spending so you can track performance, identify trends and optimise processes. This gives you an accurate picture of the financial status of the organisation at any given time and enables you to make financial decisions with confidence.
Is Accounts Payable Automation the solution your business has been waiting for?
Does your accounts payable team waste endless hours on manual data entry? Do you find it hard to get invoices approved and paid on time? Do you want to avoid costly mistakes and overpayments? Do you need better visibility on your finances? Accounts Payable Automation software will deliver all this and more.
At Enterprise Imaging Systems (EIS) we’ve been providing our clients with leading document management and accounts payable automation solutions designed save them time, money and a whole lot of hassle for over 20 years. If you’d like to find out more about what our accounts payable automation software can do for your business, talk to one of our experts today.