Accounts Payable Automation has revolutionized the way businesses process their supplier invoices. The AP automation application can digitalize most of the processes in the supplier invoice management.
Though on a surface level, accounts payable may seem like a straightforward process, as the number of vendors and transactions increase, the complexity of the process also increases. As a result, the percentage of errors and discrepancies would rise. AP automation plays a significant role in eliminating these challenges through streamlined processes and minimized human interference.
How does Invoice Automation help?
The benefits of AP invoice automation implementation are multifold. Let us take you through a few crucial benefits of this solution:
Invoice automation fast-tracks the approval and payment cycles, which in turn cuts down the processing and labor costs of the businesses
Digitization decreases errors in the invoice process and facilitates a seamless data flow
It also promotes visibility and transparency of the invoice payment cycle. As a result, leadership and management can make informed decisions
As AP automation manages the timelines of the invoice approvals and payments meticulously, it improves the working capital management of the business
It saves considerable time and manual effort
AP automation also helps the environment as it reduces the use of paper
View the infographic to read more benefits of Invoice Automation for the many stakeholders in your organization.
How does Accounts Payable Automation work?
The primary prerequisite to work with AP invoice automation is to convert vendor invoices—paper, PDF, e-invoice, XML, etc.— into a single standard digital format. This conversion can be done either by an invoice scan and data capture or by data transfer through digital e-invoices.
One of the noteworthy features of the AP invoice automation is that it can process both supplier-based invoices and expense-based invoices.
The application can code and assign the expense-based invoices to the concerned person for approval. For the assignment of the invoice approval, the configuration of the approval hierarchy of the organization needs to be set up in the solution
AP automation application can match the supplier-based invoices with the respective purchase orders and GDRs (Goods Delivery Receipt) with little or no manual processing. Ideally, AP invoice automation can carry out a touchless process with automatic approval of payments after the invoice verification. A complete automated process is not far-fetched at all with the right solution.
Many customers, such as Tikkurila, have had the firsthand experience of a touchless process of up to 90% of their order-based invoices. With the fast-paced digital transformation of the business world, this percentage will only increase in the future.
Watch the video below to see how AP Automation works
To-Increase Mediusflow AP invoice automation application can transform the accounts payable process of your business. With an automated solution, you can turnaround your traditional paper-based error-prone invoice process to a faster, more accurate, and user-friendly digital program. Download the free whitepaper to learn more about Accounts Payable Automation.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.