FAQ - Frequently Asked Questions

    Accounts payable professionals spend a staggering 84 percent of their time bogged down by a seemingly endless list of manual and semi-automated invoice approval processes, studies show.

    Digital technologies such as intelligent data capture can transform invoice processing.  Accounts payable departments benefit from automation in five ways:  (1) significant labor savings, (2) increased staff productivity, (3) faster invoice approval, (4) fewer payment errors and (5) more early payment discount opportunities.

    Automating accounts payable delivers significant tactical and strategic benefits by combining seven fundamental capabilities: (1) scan paper invoices, (2) capture electronic invoices, (3) aggregate invoices onto a single platform, (4) extract and validate invoice data, (5) route documents based on pre-established rules, (6) integrate with systems of record and (7) real-time reporting.

    Artificial intelligence enables software or machines to understand tasks by producing for itself the rules programmers cannot specify.  Artificial intelligence was especially developed for automating repetitive tasks, analyzing large amounts of data, identifying certain features in data and  applying these features to new data.

    A supplier portal delivers benefits across the enterprise for Accounts Payable, Procurement, CFOs & Controllers and IT. Selling enterprise stakeholders on these benefits will help win approval for your supplier portal proposal.

    A supplier portal makes it easy for businesses to collaborate and communicate with suppliers and strengthen your supplier relationships.

    Automated invoice processing solutions facilitate the approval and posting of invoices using three vital processes: invoice capture, automatic two-way matching and automated approval routing.

    More organizations are enabling suppliers to submit invoices electronically, either directly or through a supplier portal.  Electronic invoices submitted directly can be automatically validated and matched for fast processing.

    Automated accounts payable solutions can integrate with an organization’s ERP without a laborious synchronization process or complex data extraction algorithms.

    Leveraging certain virtual card programs for electronic payments enables buyers to instantly extend their Days Payable Outstanding (DPO), a measure of the time it takes a business to pay its suppliers, without changing their payment terms.

    One reason that businesses are so excited about paying suppliers electronically is the opportunity to earn cash-back rebates on payments made via virtual card.

    Purchase order (PO) requisition systems manage the approval, creation, and electronic submission of POs with built-in best practices and customizable business rules.