1. Resides in the cloud
Cloud-based AP automation solutions give you the scalability, flexibility, and economy you need, both now and as your business expands.
2. Leverages artificial intelligence
From automated routing to fraud prevention, artificial intelligence, and machine learning continually improve at streamlining your AP processes, allowing you to allocate your resources to more strategic tasks.
3. Integrates easily with existing systems
Best-in-class accounts payable automation solutions enable tight integration with back-end systems without expensive customization and re-training of AP staff or buying additional ERP user licenses.
4. Digitizes AP processing
By matching invoices to legitimate purchase orders, automation reduces the number of invoices that require manual handling. Plus, digitizing the invoice-to-pay process enables you to avoid errors and reclaim the time you would otherwise spend correcting them.
5. Offers multiple digital payment types
Paying your suppliers by ACH and virtual cards enables you to improve AP efficiencies, mitigate risk, earn cash-back rebates on AP spend, and better manage cash by choosing when and how to make your payments.
6. Mitigates the risk of payment fraud
Artificial intelligence and machine learning can detect anomalies in invoice data, amount, timing, or frequency based on historical records and flag those invoices for inspection.
7. Supplies end-to-end visibility for AP staff and leadership
Automation provides complete visibility at every step of AP process. This allows for better decision-making, faster exception handling, improved dispute resolution, and the ability to swiftly respond to supplier inquiries about payment status.
8. Provides remittance data transparency
Solid AP automation solutions strengthen the buyer/supplier relationship by delivering complete remittance data for matching, reconciliation, cash flow forecasting, and payment timing.
9. Provides a frictionless user experience
All users – whether in your own AP, treasury, or procurement departments or in your suppliers’ accounts receivable (AR) departments – should be able to work more efficiently and effectively thanks to easier processes and better user interfaces.
10. Re-engineers storage and indexing
Automated electronic imaging and archive capabilities ensure that invoices are easily accessible to all authorized staff. Invoices can be digitally linked to related documents, supporting approval workflows as well as audit and compliance reporting.
A best-in-class accounts payable automation solution with the above ten attributes enables you to accelerate workflows, save money, make payments strategically, strengthen supplier relationships, and allocate resources more effectively. All of those aspects mitigate inflation, helping sustain your business and positioning you for an even stronger future.
