Accounts Payable Automation

Accounts payable (AP) automation software helps businesses streamline and automate the process of managing their accounts payable functions, from receiving and processing invoices to making payments. This type of software typically integrates with existing enterprise resource planning (ERP) systems to reduce manual tasks, increase efficiency, and minimize errors. AP automation can significantly speed up invoice approvals, payment processing, and reporting while improving financial control and compliance.

Key Features of Accounts Payable Automation Software

  • Invoice Capture and Data Extraction:
    Optical Character Recognition (OCR) and machine learning (ML) can extract key data from invoices, such as vendor information, amounts, dates, and purchase order (PO) numbers.
  • Workflow Automation:
    Automated approval workflows route invoices to the correct personnel for approval based on predefined rules, such as cost centers, budget codes, or invoice amounts
  • Integration with ERP and Accounting Systems:
    Integration with systems like QuickBooks, Sage 100, Sage 300, and Sage Intacct allows seamless transfer of data to the company’s financial records, reducing data entry errors and maintaining consistency.
  • Payment Automation:
    AP software can automatically schedule and process payments via ACH, wire transfers, checks, or credit cards, ensuring timely payments and avoiding late fees.
  • Vendor Management:
    Provides tools for managing vendor information, including payment terms, contact details, and banking information, allowing companies to track and optimize vendor relationships.
  • Compliance and Audit Trails:
    Maintain complete digital records of invoices, approvals, and payments, which ensures compliance with internal policies and external regulations like Sarbanes-Oxley (SOX).

AP Automation Solutions