Digitize your AP processes with Medius Accounts Payable Automation

Accounts payable automation software refers to technology that is used to streamline and automate accounts payable processes, removing manual tasks and providing better visibility and control over important financial data. 

Accounts payable automation is the process of eliminating many of the manual aspects of accounts payable systems. It’s specifically useful in facilitating the automatic creation, review, and approval of invoices digitally, rather than having to receive, scan, and manage paper documents.

There are plenty of accounts payable automation vendors out there, but we believe we've put together a line of accounts payable tools that stand to revolutionize the way you work. With the Medius Accounts Payable Automation solution, AP processes can be streamlined and managed more efficiently to provide better visibility and control over an organization’s finances.

By using automated software, you can be more efficient, reduce errors and risk, and allow your company to scale quickly and easily.

AP automation software converts your suppliers’ invoices into a standard digital format and then uses a series of digital workflows to verify and process the information throughout the procure-to-pay lifecycle. 

AP automation software uses Artificial Intelligence (AI), machine learning, optical character recognition (OCR), and other technologies to extract information from invoices and convert them from paper documents into digital formats. These supplier invoices can then be processed via digital workflows to manage steps in the procure-to-pay process previously handled by an AP staff member.

With AP automation software, you can automate the entire AP process – from invoice capture to payment so your organization can:

• Control costs and get better visibility of working capital 
• Reduce time AP staff spends on data entry, auditing, and exception handling 
• Improve supplier relations 
• Capture early payment discounts 
• Reduce the risk of payment fraud 

Organizations that wish to automate accounts payable usually implement an AP automation solution that is connected to the ERP system and other finance applications. Today, there are cloud-based accounts payable software options on the market, like Medius AP Automation and MediusGo, to suit companies of all sizes and industries. 

Automation of accounts payable works differently depending on the type of supplier invoices that are being handled, the spend management policies of the buying organization, and the invoicing capabilities of the supplier.  

In many cases, the accounts payable automation software will support automatic data capture from invoices sent by mail in a paper format, or by email, and then automate coding, and distribution of the invoice to the appropriate approver within the organization, before payment is made. Some organizations ask their suppliers to submit invoices using a supplier portal, and the AP software takes over from there.  

In other scenarios, especially in direct materials procurement, a supplier may send an invoice by electronic data interchange (EDI). The accounts payable automation system will match the invoice data to the purchase order and directly send the invoice for payment, without any human intervention whatsoever. This is what is referred to as touchless invoice processing and the end goal of automation in accounts payable.