What is AP Automation?
AP Automation or Accounts Payable Automation is the process of automating the capture, validation, conversion and release of data from the accounting documents provided by your customers into your accounting system.
With AP Automation, the exchange of documents can occur in any format including both electronic (email, PDF’s, etc.) and hardcopy printed documents.
With Accounts Payable Automation, any company dealing with large amounts of invoices can essentially reduce overheads by automating the data capture process.
How does Accounts Payable Automation work?
The process flow
AP Automation eliminates manual data extraction and conversion which leads
4 Data Capture Steps
AP Automation provider accepts both hardcopy and digital invoices.
Once received, invoices are scanned digitally and converted utilising OCR technology.
Once converted to
digitalequivalent, invoices go through the validation process to check for errors. Alternatively, the provider can also implement a 2 step verification process to ensure accuracy further.
Once the data is ready to go, it will be released to you either via EDI or an upload file. Data delivery is dependent on your current ERP system capabilities.
Benefits of AP Automation
From implementing AP Automation, we have helped many companies add value to their organisation by automatically processing and converting vital accounting information, reducing clerical tasks and eliminating data entry errors.
Using Accounts Payable Automation, you will see significant savings in time and resources as your manual processes are automated.
Elimination of human errors
No more data entry and extraction of information
Take advantage of on-time payment discounts
Faster data extraction leads to faster payment and on-time payments
Less administrative work
Significantly lesser admin work as there is no more data entry
Faster payment cycles ensure that your cash flow is enhanced
Fewer admin team members required
Enhanced vendor relationships
Vendors are happier with fewer errors and faster payment
Increased staff satisfaction as they are not completing repetitive tasks
Increased visibility into your payment process
Enhanced overview of your payments as they are taking less time to complete
AP Automation Success Story
“The team at Datatime Services really listened to our challenges and implemented a solution that specifically addressed and solved these issues. The Datatime team proved to be flexible and were available at all times during the implementation to work with us on this important change management project”.