What is Accounts Payable Automation (AP Automation)?

Accounts Payable automation (AP Automation) refers to technology that is used to streamline various accounting and financial processes, removing manual tasks and providing better visibility and control over important financial data.

Accounts payable automation (AP Automation) makes it possible for companies to touchlessly process supplier invoices without any human intervention by providing a digital workflow to manage steps previously handled by an AP staff member.

Holistic accounts payable automation starts with capturing invoice data in a digital format, usually through a form of scanning or capture method, such as optical character recognition (OCR).

Accounts payable automation will then manage the coding and routing of the invoice through the digital workflow, which functions based on the specific logic of the business that implemented automation.

Accounts payable automation (AP Automation)will be integrated with a company’s enterprise resource planning (ERP) system(s), seamlessly transferring data between two systems without straining the ERP environment or business IT resources.

Accounts payable automation significantly reduced the risk of fraud by giving management and AP staff unprecedented visibility and reporting capabilities into the flow of invoices and transactions across the company.

Accounts payable automation can provide a significant cost savings for a company beyond the expected savings from eliminating manual tasks. Companies can optimize their vendor portfolio, avoid duplicate or erroneous payments, and take advantage of early payment discounts.

Accounts Payable Automation with MediusFlow

Companies using the MediusFlow Accounts Payable Automation solution, process an average of 67% of their invoices in a fully automated – touchless – workflow. Do you want to increase your automation rate and shorten your lead times?