According to the Institute of Finance and Management,
only 25% of accounts payable departments describe their invoice processing as being “highly automated.”
AP remains challenged by a blizzard of paper and document-based invoices handled with inefficient and manual processes that introduce risk and limit speed, accuracy, and controls critical to successful payables management.
In addition, most corporate AP functions need to maintain and regularly interface with an ERP for general ledger and budget management. The ideal solution not only delivers best-in-class invoice automation but also integrates seamlessly with your ERP, resulting in unprecedented efficiencies, cost savings, and ease of use.
What are the key benefits of invoice automation?
Integrate seamlessly with your ERP
Enhance visibility and control
Eliminate paper invoices and manual processes
Maximize straight-through processing
Quicker approvals with mobile support
Capitalize on available early payment discounts
Reduce costs, errors, and risk
Leverage your ERP Investment
Paymode-X Invoice Automation enables organizations to overcome the inefficiencies of manual processing with a completely automated invoicing solution that integrates with your ERP. With Paymode-X, your AP department will streamline workflows, enhance governance, take advantage of available early payment discounts, and get operational visibility around PO and non-PO invoice processing.
Starting with a next-generation image and data capture platform, Paymode-X provides a seamless solution for the receipt, storage, and processing of both expense and inventory invoices from any authorized source. Validated invoices are stored and presented for either automated PO header and line-item capture and matching, or automated non-PO general ledger coding and approval routing.
From capture through payment, invoice events and associated participants are audited for use within an actionable analytics and reporting experience, including self-service document retrieval. Paymode-X Invoice Automation integrates with any ERP to minimize setup and additional points of failure combined with a high degree of data integrity, a marked contrast from competitor solutions.
Why choose Paymode-X?
Partner with a global leader in business payment automation with a 30 year track record of being a trusted advisor of AP and ERP best practices. Paymode-X Invoice Automation provides several differentiating capabilities that fuel efficiencies and lets you:
Enhance classification of invoices and supporting documents and capture data elements leveraging intelligent extraction, OCR, and machine learning
Maximize accuracy by reconciling invoices with related receipts and purchase orders using automated line capture and intelligent data matching
Drive efficiency gains with zero-touch scenarios for both PO and non-PO invoices to drive straight-through processing
Invoice risk scoring uses custom business rules plus supervised machine learning to help identify unusual and potentially fraudulent invoices
Enable mobile review and approval of invoices from any device
Paymode-X integrates with any ERP and offers several implementation options, including automated data transmission, scheduled and on-demand synchronization using a pre-built ERP connector, or leverage published unified APIs using the developer portal. You have the opportunity to choose the implementation approach that makes the most sense for your business.
Paymode-X enables businesses to achieve AP automation across the entire invoice-to-pay process. Once invoices are approved, you can make electronic payments using the Paymode-X Integrated Payables module.
Tap into an established network of more than 450,000 member businesses to achieve 100% payment automation, improve payment security, earn rebates, and streamline AP across virtual card, ACH, check, and B2C payments, all within a single process.
Benefits of Paymode-X Invoice Automation
Captures and stored invoices
Receive and process paper and electronic invoices from any source
Digital mailroom manages invoices and supporting documents
Intelligent data extraction, OCR, machine learning, and real-time validation reduces manual data entry
Invoices and supporting documents accessible within and external to ERP
PO-flip lets your vendors seamlessly covert presented PO’s into invoices
Optional managed service for invoice receipt and data capture
Automates Workflows and Approvals:
Integrate with any ERP using one of several implementation options
Flexible approval workflow that is easily maintained by business users
Automate 2-way and 3-way reconciliation with both PO header and line-item capture and matching
Automate PO exception handling for resolution and approval
Automate GL code entry and approval routing of non-PO invoices
Flexible PO and non-PO approval workflows with notifications, reminders, and escalation visibility
Mobile review and approvals
Operational visibility
Audit trail of all activities, status updates, and user comments
Interactive analytic dashboard and real-time reporting for KPI tracking
Timely accrual reporting at both summary and detail leve
Outstanding approval dashboard to view status and insights including early payment discount tracking
