Accounts Payable Automation
Maximize efficiency, visibility and security by automating the entire invoice-to-pay process with Paymode-X.
Spending hours manually keying in invoice data
Correcting mistakes caused by human error during data entry
Validating each invoice by hand
Emailing or physically bringing invoices to reviewers for approval
Finding data siloed across diverse systems for budgeting, forecasting, assessing spend liability, tracking spending patterns, etc.
Deciding which of dozens or hundreds of invoices are the most urgent or important
Collecting vendor contact information and banking data
Checking invoices for errors, issues, or fraud
Filing or finding documents in physical storage
Establishing clear audit trails
Responding to supplier status requests
Paying suppliers by check (average cycle time: 3 weeks)
Automate invoice data capture and GL coding
Eliminate human error through data scanning and payment processing
Employ artificial intelligence and machine learning to perform 2-and-3-way matching for PO-based invoices
Route invoices electronically to the appropriate people for approval
Gain visibility and accessibility of real-time data from a single source of truth, convenient dashboards, and a library of reports
Receive alerts about which invoices require priority handling based on your business requirements and custom preferences
Outsource vendor onboarding, bank data collection, and ongoing data validation and fraud prevention
Use machine learning to detect anomalies in dollar amount, timing, or frequency based on historic data and flag for inspection
Leverage electronic imaging and archive capabilities ensures that digital copies are easily accessible to authorized staff
Link invoices digitally to related documents such as POs, check copies, proof of delivery, and remittance advices
Provide complete transparency and on-demand access into payment status through an online vendor portal
Convert check payments to ACH or virtual card payments brings average cycle time to 3 days
Time is at the center of countless digital transformation efforts on the manufacturing shop floor. Companies seek to increase efficiency, accelerate production, streamline communication, eliminate bottlenecks, automate processes, improve connectivity, and more.
Digital transformation of Accounts Payable (AP) drives business value for manufacturing companies in ways that traditional manual and paper-based processes cannot. Learn the 30 ways automating AP compounds value in daily operations, financial matters, and vendor relations with this checklist.
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