• AP invoice automation
  • Paperless AP

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The ABCs of automated invoice processing

If you are new to automated invoice processing and struggling to navigate through the accounts payable terminology jungle with terms like “AP automation”, “touchless AP processing”, “matching ratio” and “e-invoicing” – here’s a blog post to help you get back on course. Continue reading for the ABCs of automated invoice processing.

A as in Automating workflow to remove manual tasks

Accounts payable (AP) automation removes the manual and paper-based processes from your AP workflow allowing for faster and more efficient invoice processing, creating financial control and freeing up time for more value-adding tasks. By letting an AP invoice automation solution handle the simple stuff, your accounts payable team can focus on what really matters – supporting the business to run more efficiently and improving supplier relationships by driving on-time payments.

With a modern AP invoice workflow solution you can automate pretty much every step of the invoice process, such as:

  • Distribute expense invoices to the right manager for approval
  • Apply G/L coding based on invoice type or supplier
  • Match a purchase order based invoice to the correct PO and/or goods receipt note
  • Accurately identify deviations and route those to the right person for review
  • And much more…

Imagine the time you could save by letting a workflow platform take care of those tedious tasks that you and your team handle today. Want to know what it could look like? Watch this video demo for more insights.

B as in Boosting efficiency in accounts payable – and beyond

With automated invoice processing you can drive huge efficiency gains within the accounts payable team as well as throughout the entire organization. A modern and user-friendly AP invoice automation solution will help you better serve your business, as well as your vendors, and allow everyone involved in the process to do a better job, faster.

Efficiency gains outside the accounts payable team includes…

  • Better visibility of actual spend and support for forecasting and accruals
  • Easy and quick access to supplier invoices in a digital archive
  • Fast approval process via desktop or mobile for managers, even while on the go
  • Capture early payment discounts and avoid late fees
  • Invoices are paid correctly and on time, every time
  • Improved vendor relationships

C as in your CFOs new best friend

Your CFO will thank you for implementing automated invoice processing – they might just not know it yet. With an automated process comes digitization, control, accuracy and visibility that will help your CFO and Finance team achieve the financial oversight and efficiency they need.

How an AP invoice automation solution will support your CFOs goals:

  • Increased control and visibility of cash flow and actual spend
  • Improved predictability and forecasting with an accurate picture of costs
  • Immediately realized savings by avoiding late payment fees and leveraging supplier discounts
  • Scalability allowing for business growth with no additional headcount

Need more conversation tips for how to convince your CFO? Watch our on-demand webinar How AP invoice automation achieves the CFO agenda.

Learn more about automated invoice processing or contact us to discuss how your organization could benefit from automating your accounts payable process.
 

Rich Revill

Director Solution Consulting

rich.revill@medius-group.com

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