Finance Automation AP Automation

The volume and complexity of the invoice recording and matching process grow as businesses grow. Companies need to dedicate more and more staff to invoice processing, as ERPs, or enterprise resource planning software, generally do not provide the tools necessary to automate 100% of the entire accounts payable process as standard.

In order to implement the most appropriate solution for each business, it is important to understand the context of each company, as well as its current organization and management processes. Depending on the functionality of the chosen solution, we can have a total or partial automation of the process.

Companies receive invoices by various means such as paper, electronic media (PDF, fax, email), or interfaces with other systems (EDI or similar). And the employees classify them according to whether they are invoices associated or not with a purchase order, and then distribute them to the responsible departments for approval. At this point, the cycle can be extended or complicated depending on the organization and can lead to the management of discrepancies with the supplier, claims, etc.

Registration of invoices

Once the invoices have been approved, they are sent to those responsible for their registration in the management program. This registration can be treated differently depending on:

If the invoice is associated with a purchase order and I must "match" the information with the goods ordered or received.
If it is an invoice without a purchase order (usually supplies or other services), we only need to manage its posting.

Invoice payment automation

Invoices are then registered, their allocation to expenses is associated and posted, and finally, payment is made when the due date arrives. According to a study, the average time for a manual process to reach posting is about 14 days.

During that time, we have no reliable financial information. Our purchasing departments do not know what has happened to the invoice, whether it has been received or is in its state. This, in turn, generates a chain of e-mails, and queries, which increases the administrative work and does not produce any benefits.

If we manage to automate these stages of the process, we are not only saving a manual process that does not bring any value to our business, but we are improving our financial visibility, and we will be able to optimize our cash flow. Companies that have invested in an accounts payable automation system achieve average times of 3 days to perform these same processes.

Reduce your collection times by having control at all times of the shipping status of your invoices.
Secure and auditable delivery of all your documents.
View real-time reports on the status of your documents, with economic, clear and organized information.
Integration with your ERP or Management Software.
Solution compatible with electronic invoicing.
Improve your financial visibility by reducing your management time.
User interface allows you to take quick actions to reduce your claim and collection times.
Pre-integrated management reports and workflows reduce start-up times.
Audit control of its management processes.
Improve your Document Management.