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