Digitize, Optimize, and Monetize Manufacturing AP

Process automation

Look for automation across the entire invoice-to-pay process that includes:

Elimination of manual data entry and human error through automated scanning, coding, and processing

Automated two-way and three-way validation that matches invoices to legitimate purchase orders, delivery notifications, and more

Electronic routing to appropriate personnel for approvals

Identification of discrepancies and errors through artificial intelligence and machine learning

Schedule payment on a specific day to optimize cash flow and vendor discounts

Seamless integration with back-end systems without expensive customization, re-training of AP staff, or the need to buy additional ERP user licenses

Generation of a fully-auditable record for each transaction

Scheduled or on-demand synchronization of invoice and payment data to and from your ERP

Vendor Management

Your AP solution should support vendor management with:

New vendor onboarding services, including capturing their banking information

Ongoing data validation any time a vendor updates their bank account details

The choice of ACH and virtual card payments

Straight-through processing and direct depositing of payment into your bank vendor’s account

Full accessibility of AP data to accelerate exception, complaint, and dispute management

Complete transparency into payment status through an online vendor portal

Data accessibility

Digital transformation of the invoice-to-pay process should provide you with:​​​​​​​

Automated electronic imaging and archive capabilities of invoices, POs, and associated documents

Artificial intelligence (AI) and machine learning (ML) led prioritization to help you make fact-based payment decisions

Complete visibility into real-time data to support agile decision making

Instant online access to real-time AP data via dashboards and a library of standard reports

Security and fraud prevention

Your selected AP solution should deliver:​​​​​​​

Multiple layers of robust security, from multifactor authentication to device fingerprinting

AI and ML detect possible fraudulent transactions by flagging anomalies in invoice amount, timing, or frequency based on historic data

Verification of suppliers to see if they are on a watch list, have a questionable credit history, or exhibit risky or suspicious patterns of behavior

Secure housing of sensitive vendor bank information in an encrypted and secure network that adapts to evolving threats

Revenue generation

Last, but not least, you want to partner with an AP automation solution provider that provides:​​​​​​​

Cash-back rebates on ACH and virtual card payments so you make money on your AP spend