An Accounts Payable Automation solution has the capacity to transform an entire AP department. On average, manufacturers typically manage a minimum of 3,000 invoices per month from numerous vendors. Each invoice is manually verified to confirm that the products ordered on the invoice matches the purchase order and that the price paid is correct. With an automated tool, this time-consuming and error-prone task can be removed from your company’s accounts payable process.
How Does an AP Automation Solution Work?
If you’re using Electronic Data Interchange (EDI) software, you first need to scan your invoices before they are processed. However, an accounts payable automation solution, allows the software to OCR the invoices so the computer can extract the information and automatically transfer the data into a spreadsheet or another preferred output location in your workflow.