Accounts Payable Automation Solutions
Manually processing your organization’s invoices isn’t easy. And it isn’t cheap or risk-free, either. A single invoice costs around $8 – 10 on average to process manually. This fact should come as no surprise. After all, this process involves sending invoices from desk to desk across your organization. It also requires you to print and copy countless documents, all while having low visibility into where things are at in the process. But automating accounts payable can solve these challenges. Electronic processing lets you skip the hassle and lower that invoices processing cost to as little as $2 per invoice.
How AP Automation Works
When it comes to efficiency, an accounting document management solution and an AP process automation solution make a perfect pair. This duo can manage all the documents you receive in many formats. This may include documents sent by fax, mail, email, EDI, and others. Once your documents are in the system, you can easily access them. AP automation software allows your staff to retrieve invoices easily. You can also check images, receipts, vendor contracts, and historical correspondence. All these actions can take place directly from your existing ERP systems. Some common ERP integrations that work seamlessly with OnBase include SAP, Workday, Oracle E-Business Suite, JD Edwards EnterpriseOne, PeopleSoft, Microsoft Dynamics 365, and Infor Lawson.
This advanced technology can capture, organize, and deliver your documents and their supporting content to the right people at the right time. In the case of the invoice approval process, your AP automation solution can electronically deliver the invoice to managers, who can then review and approve them. If necessary, your managers can also enter any additional data directly from Microsoft Outlook or a mobile device. Just like that, the invoice approval process is complete, easier than ever before.
Intelligent Capture Unlocks Next Level Automation
If you add an intelligent capture component to your AP automation software, you can unlock additional benefits. Intelligent capture technology enables your accounts payable automation solution to extract your invoice data (aka scrape the data off the page and make it come alive) to automate business processes. For example:
- Routing to appropriate business units
- Electronic approvals
- Automatic posting to your accounting applications
In the process, this technology can eliminate the need to re-key information. This way, you can unlock countless hours that you can reallocate to added-value tasks.