Accounts Payable (AP) Automation happens when an organization leverages technology or other service providers to electronically process, store and report on accounting documents and data, such as invoices, T&E, financial reports, etc. Automation of AP can include receiving and opening mail with machines, scanning to digitize images, OCR, machine learning, automated business rules, web-based portals to manage processed documents, integrations with systems of record, payments, reporting and other tools used with the intent to reduce the amount of time and cost of managing each transaction.
Invoices are auto-coded and auto-routed directly to the individual needing to approve the invoice. Approvers receive a notification email summarizing the invoices they have to approve, and they can approve the invoices directly from their computer or mobile device. Additional tools are available in our web-portal for easy invoice routing, coding and approval.
Yes, all invoices are visible on the Online Document Center web portal. Reporting is available for additional insights to drive decision making.
5 Ways AP Automation Can Optimize Change Management
When tackling any type of change to company structures or processes, change management sometimes gets pushed to the background in favor of more sought-after topics like cost savings, revenue increase, or resource allocation. But the bottom line is that without effective change management practices, AP teams will likely struggle with their core responsibility, which is to pay invoices on time.