Accounts payable automation enables 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 can provide significant cost savings for a company beyond the expected savings from eliminating manual tasks. Companies can optimise their vendor portfolio, avoid duplicate or erroneous payments, and take advantage of early payment discounts.
How to select an accounts payable automation software?
Companies looking to add automation in accounts payable should research different AP automation solution options carefully to ensure the best fit for their organisation. It is critical that the accounts payable automation software selected can support every invoice processing scenario to ensure true automation of accounts payable and hard savings in time and cost.
In addition, it is important to understand how the new AP automation solution integrates with the existing ERP to ensure synchronisation of data and a streamlined process removing manual tasks and delivering automation of accounts payable.
Learn more about accounts payable automation
Read our blog post: 10 Most Read Articles on Accounts Payable Automation
Download a white paper: A buyer's guide to AP automation solutions
Explore more definitions in this blog post: Key terms for AP professionals