An Accounts Payable Automation Solution or AP Automation Solution is a great tool to have to transform an organization’s accounts payable department. The AP department typically manages a large volume of different types of invoice documents from numerous vendors and manually verifies what the company has ordered and received in terms of quantity, cost, and total. 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?
To automate your accounts payable department, you would need to scan your paper invoices. Using an AP automation solution, the solution will 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.
AP Automation Benefits
Automating your accounts payable can have tremendous advantages in terms of efficiency of resource allocation. By investing in a simple document automation program, you enable yourself to redirect efforts that would normally be spent on processing invoices to other higher value tasks that require attention and cannot be automated. An automated solution can help prevent your company’s accounts payable department from processing fraudulent, inaccurate and duplicate invoices caused by human error. By setting up business rules with a solution that accurately OCRs your invoices, your company’s accounts payable department will process invoices quickly, giving you the opportunity to receive early payment discounts.