Hands Off! No Touching In Accounts Payable!

A touch-free approach transforms AP

The idiom ‘if it isn’t broken, don’t try to fix it’ is familiar to many, and it is often a barrier to progress. It usually refers to meddling with a device or process that functions correctly, and someone has decided it’s time for improvement. However, when the tinkering goes wrong, the device or process no longer works like it did. So it serves as a cautionary tale. Tinkerers beware – hands off before you break it!

Luckily, when looking at improving processing in your enterprise’s accounts payable department, there is no such risk. The era of routine manual processing in accounts payable (AP) belongs to the past, and in this context, ‘hands off’ takes on an entirely different meaning.

As enterprises seek more efficient and accurate ways to manage their financial operations, APMatching’s innovative AP reconciliation system brings a touch-free approach that transforms enterprise AP.

The challenge of manual intervention

Manual steps in AP processes have long been associated with inefficiencies, errors and time-consuming tasks. The quest for efficiency and optimization has led to the development of APMatching’s automated solutions, which streamline AP processes, minimizing the need for your AP team to routinely perform manual processing of statements, invoices and payments.

Hands Off! – An end to routine manual AP processing

At the heart of APMatching’s capability lies the digital ‘magic’ of automation. Imagine a world where invoices get processed, reconciled, and matched with minimal human intervention by the AP team. This is made possible by engineering our software technology so it delivers two key functions:

• Automated workflow and approval – Statements and invoices are transformed from paper to digital, as automation eliminates manual data entry. The matching process becomes a breeze, with automated invoice reconciliation that requires no human intervention.
• Exception handling – Exception resolution becomes a seamless task as automation tackles discrepancies without requiring human intervention. Duplication is automatically detected, saving time and preventing errors and overpayments without the need for manual oversight.

Delivering for enterprise AP

These powerful functional areas are applied to create APMatching’s trio of complementary products, Invoice-Matching, Statement-Matching, and Duplicate-Matching, which are truly game-changers for enterprise AP.

• Invoice-Matching – At the heart of APMatching is Invoice-Matching. Invoice-Matching delivers invoices to any cloud ERP system with no manual intervention by Accounts Payable. Suppliers are able to submit invoices via our global einvoicing network, PDF or paper. Invoice-Matching provides extensive matching rules for PO invoices as well as automatic coding for non-PO invoices. Issue resolution is also automated based on your business rules, so Accounts Payable is truly left with only the exceptions to manage.
• Statement-Matching – Discrepancies in statements need no longer create head-scratching and delay! Statement-Matching effectively resolves exceptions without requiring human intervention. Discrepancies are flagged, alerting your AP team to issues that require investigation, focusing their effort on more important tasks than routine AP processing.
• Duplicate-Matching – The scourge of duplicate invoices is fully addressed by Duplicate-Matching. Operating autonomously, this product identifies duplicates without any requirement for manual oversight. The result is not just time-saving; it also strengthens the financial integrity of your enterprise by eliminating a common source of financial error.

Advantage enterprise accounts payable using APMatching

Implementing APMatching is a transformational enabler, allowing your accounts payable team’s role to evolve. The most fundamental change is the vastly reduced requirement for manual processing, which shifts the focus away from routine tasks over to making contributions that are more value-added.

• Real-time insight and reporting – At your fingertips, driving data-driven decisions without hassle.
• Accuracy and compliance – This should no longer give cause for concern, as automation ensures errors are minimized and regulatory standards are more easily met.
• Streamlined audit trails and accountability – Makes audits stress-free, backed comprehensively by documentation.

It’s hands off! in accounts payable with APMatching

The effective use of technology is a differentiator that provides a competitive advantage. Consequently, it is a key determinant of continuing success. APMatching automated accounts payable software provides enterprises with a sharper, more strategic edge to AP, maximising efficiency and optimising operations.

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

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 by using your own data.