Simplifying life for enterprise accounts payable departments

The accounts payable (AP) process is a critical part of any business, but it is often time-consuming, error-prone, and labor-intensive. And these problems are only amplified in large businesses managing invoice processing of anything from 80,000 – 1,500,000+ separate bills every year.

APMatching automated accounts payable is a solution that helps enterprise-scale businesses streamline their AP process and improve efficiency, accuracy, and compliance. But what precisely is it?

What is automated accounts payable?

Automated accounts payable is the use of software to automate the accounts payable process. This can include tasks such as invoice processing tasks such as capture, data entry, matching, approval, and payment. Automated accounts payable software typically uses artificial intelligence (AI) and machine learning (ML) to match invoices to purchase orders and to detect and correct errors. This can help businesses to improve the accuracy, efficiency, and compliance of their accounts payable process.

Benefits of accounts payable automation

  • Improved efficiency – APMatching accounts payable automation helps businesses save time and money by automating repetitive tasks, such as invoice data entry and matching. By automating accounts payable with APMatching, enterprises save as much as 80% of their AP processing time.
  • Reduced costs – APMatching automated accounts payable enables cost reduction by eliminating the need for manual data entry and the risk of keystroke errors. Through the elimination of such errors, with APMatching, businesses significantly reduce the potential for consequential costs that often result, including overpayment and the time soaked up by manual intervention when problems come to light.
  • Increased accuracy – APMatching accounts payable automation promotes greater invoice accuracy by matching invoices to purchase orders and by automatically detecting errors. By identifying anomalies between procurement purchase orders and invoices received, with APMatching, enterprise AP departments are able to focus on managing the exceptions that are frequently the source of financial loss. This includes overpayment resulting from invoice duplication, and criminal activity, such as invoice fraud.
  • Compliance – APMatching automated accounts payable improves the capability of enterprise AP departments to meet financial compliance obligations. With APMatching, invoices are processed in a timely and accurate manner, enabling the satisfaction of the requirements of various international regulatory codes, such as the Sarbanes-Oxley Act and those of national and continental regulators worldwide.

Streamline and transform with automated accounts payable from APMatching

APMatching accounts payable automation software includes the following invoice processing features:

  • einvoicing – Globally compliant e invoicing network to receive invoices from suppliers in any format and provide a single file format for import into APMatching
  • Invoice captureautomatically captures invoice details from any commonly used data format such as email, PDF, Excel, hard copy paper invoices and direct file upload. This enables enterprise-scale businesses to streamline and reduce the risk of poor AP invoice management processes.
  • Invoice data entry – automatically extracts data points from invoices, such as supplier name, invoice number, and amount due. This eliminates the time and errors associated with manual data entry.
  • Invoice matchingmatches invoices to purchase orders to ensure that details are accurate while allowing invoice processing in a timely manner. This prevents duplicate payments and ensures that they are only paying for the goods or services that they have received.
  • Invoice approval – routes invoices for approval to those with appropriate authority. This ensures invoices are approved in a timely manner and only by those who are tasked with the responsibility of payment.
  • Invoice payment – integrates to automate payment processes to remit outstanding sums to supplier accounts. This reduces the risk of late payments, avoiding financial penalties for late settlement and disrupted flows of goods because of supplier credit control action.

Take a personalised demo with one of our representatives, and we’ll show you how the software eliminates the tedious, time-consuming manual invoice processing that is widely practised.

If you like what you see, we’ll give you full support so that you can more fully evaluate APMatching with a Proof of Concept (PoC), demonstrating how effective it is using your own data.