Manual, PDF, and paper-based accounts payable (AP) invoice processing is a drag on operational efficiency and a liability for compliance. Manual data entry, error-prone processes, and lengthy approval cycles create drag, slow the tempo of productivity, and expose enterprises to financial risks. That’s why increasing numbers of global businesses will migrate to APMatching in 2024.
In the ceaseless quest for competitive advantage, enterprises have always been keen to promote greater efficiency. And with governance being one of the major considerations for executive boards, compliance with financial legislation and regulatory frameworks is seldom far from the top of the agenda.
APMatching is at the forefront of transforming how enterprises create increased efficiency and achieve compliance within the accounts payable function.
In the face of APMatching’s cloud-based AP invoice automation solutions, manual approaches to AP are archaic, and on-premise systems are now nothing short of a legacy. 2024 is the time to modernize the AP department and move on.
APMatching invoice matching solutions are truly a transformative force in this space, offering a comprehensive approach to optimizing workflows, reducing manual errors, and ensuring adherence to regulatory standards.
Enhancing efficiency in accounts payable
The implementation of APMatching AP automation provides a multitude of efficiency improvements within the accounts payable process:
- Faster processing: Automation is the bedrock of improved efficiency in cloud-based invoice matching solutions. By leveraging advanced automation technologies, APMatching squashes the time required for manual data entry, matching, and approval. This acceleration in invoice processing speed not only facilitates timely payments to vendors but also enhances supplier relationships, contributing to a more seamless and collaborative business ecosystem.
- Cost reduction: The reduction in manual tasks and associated errors leads to tangible cost savings for enterprises. APMatching automates routine processes, allowing organizations to allocate resources more strategically. With a focus on higher-value tasks that require human expertise, enterprises achieve operational efficiency while optimizing costs.
- Real-time visibility: Cloud-based solutions provide real-time visibility into the status of invoices, approvals, and payments. This transparency allows for better decision-making and proactive issue resolution. With instant access to critical information, organizations are better positioned to prevent bottlenecks, rapidly get to the bottom of discrepancies, and optimize cash flow and working capital management. The real-time nature of these solutions transforms the AP process from a reactive to a proactive and strategic function.
Ensuring compliance and mitigating risks
Compliance with regulatory standards is a paramount concern for enterprises, and cloud-based invoice matching solutions play a crucial role in this regard:
- Audit trails and documentation: APMatching’s automated invoice workflows generate detailed audit trails, documenting each step of the invoice processing journey. This documentation not only facilitates internal audits and quality management but also ensures transparency should there be a need for external regulatory scrutiny. The ability to trace every action in the AP process is one of the best ways to defend against compliance-related challenges.
- Adherence to policies: APMatching empowers enterprises to embed compliance rules directly into their AP process. This ensures that every invoice undergoes a consistent validation process, vastly reducing the risk of non-compliance with internal policies and regulatory standards. By automating adherence to compliance rules, enterprises apply their policies to the required standard, mitigating the potential for errors and regulatory violations.
- Data security: No discussion on compliance and financial data is complete without including security. APMatching implements robust security measures in line with globally recognized standards for information security, including ISO 27001, Cyber Essentials, and SOC 2. The platform is deployed on Microsoft Azure, within a single-tenant architecture to support resilience and security, hosted to meet specific data sovereignty requirements. These measures contribute to safeguarding sensitive financial information, ensuring compliance with data protection regulations, fostering trust among stakeholders.
Transform AP efficiency and compliance in 2024 with APMatching
Putting AP in the cloud with APMatching’s invoice matching solutions is a pivotal step in transforming the accounts payable process for enterprises. Implementing automated accounts payable with APMatching’s complementary solutions lets enterprises close the loop in AP:
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 using your own data.