The traditional method of processing paper-based invoices is too complicated, time-consuming and completely manual. Capturing invoice details, performing a match between the invoices, routing them for approval, entering invoice data into accounting application and ERP, and processing payment before the deadline is a tedious job. Moreover, each missed deadline for payment can lead to a penalty. Accounts Payable Automation or AP Automation can help you transform your legacy manual AP process to a much efficient and automated paperless process. This not only reduces the workload on your AP resources but also makes invoice processing faster, accurate and saves up to 50% cost.
With the help of AP Automation, you can scan paper-based invoices and turn them into digital format or images, process these images with OCR to capture all the important details, execute 3-Way match verification based on PO data, invoice and receipt data, route it for relevant approvals, and populate this data into your accounting system without any human intervention thus making the entire AP process faster and precise.