What is AP Automation?
AP Automation
Accounts payable (AP) is the money a business owes its suppliers for goods and services purchased on credit. It is a current liability in the balance sheet, representing the total of approved and unpaid invoices from the suppliers. Companies must pay these unpaid invoices on time to avoid defaults. The accounts payable of a company display its short-term debt obligations and impact on cash flow. If the payables increase over time, it indicates that the company buys more products on credit. If the payables decrease, it could imply that the company is paying off its obligations faster than they purchase new goods or services on credit.
We aim for?
schedule
To make timely payments to suppliers
monitoring
To maintain accurate data that ensures proper expense management
savings
To research ways to save money
Account Payable Process
4 Way Matching
01. Purchasing Order
02. Delivery Order
03. Invoice
04. Tax Invoice
05. Validate
AP Lifecycle
Automate with AI
With AP automation software or accounts payable software, you can digitize invoices and automatically match to purchase orders, thereby minimizing the need for manual checks or interventions. Invoice automation and AP approval workflows can also be streamlined, ensuring prompt payments and reducing the likelihood of late fees or penalties. With real-time visibility into outstanding invoices, finance teams can more effectively manage cash flow and make better decisions concerning working capital. There are various steps in the source to pay workflow that can be further automated.
AI Document Recognition & AI-OCR
With AI Technology will automate the process using Document recognition so your supplier can easily upload bundle invoice and supporting document and system will sorter the document.
Benefits of AP Automation
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Faster invoice processing
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Lower processing costs
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Increased accuracy
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Access to an audit trail
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Faster invoice cycle times
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Enhanced visibility and reporting
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Streamlined compliance
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