Is your business looking for an invoice processing solution to help automate your Accounts Payable department? With the Intelligent Accounts Payable automation from AAC Systems you will be able to match invoices, prevent invoice duplication, avoid late payment penalties and increase the efficiency and productivity of the whole department.
No matter what type of business you run or the market you operate in, each Accounts Payable (AP) department will face similar challenges. AP Managers aiming to avoid Late Payment Penalties, Clerks wanting to prevent lost or misplaced invoices and Finance Controllers seeking better visibility into accounts or simply wanting to decrease the number of exceptions such as duplicate invoices, there are many pressures that exist.
It is very common for AP departments to still be using slow and error prone manual methods of data entry, review, validation and even authorisation. Therefore the costs of processing invoices remain unnecessarily high.
How AAC Systems can help:
With a more automated approach, such as our intelligent Automated Accounts Payable solution, AAC Systems can transform your previous labour-intensive processes into a highly productive and lower cost practice that enhances cash flow and operational efficiency.
Automated accounts payable will enable your business to capture invoices across multiple channels – paper, fax, email & portal – to ensure efficient control as soon as invoices are received, simultaneously reducing the risk of invoice errors.
Improvements in scanning hardware and software over recent years have greatly improved both speed and accuracy of data capture, incoming invoices can be scanned and the system can identify which supplier sent the invoice. Consequently relevant data can be extracted from the invoice and validated against existing system information, for example actual purchase order numbers can be identified and the total/line amounts checked automatically against the invoice. The automation of invoice processing saves time as well as checking for duplicate invoices and other invoice errors.
Benefits of Automated Accounts Payable solutions:
Increased Processing Speed – Capture paper and electronic invoices immediately and automatically as soon as they are received. Eliminate data entry delays using automatic recognition and 3-way invoice matching.
Workflow Automation – Automatically trigger electronic invoice approval workflows for coding and appropriate approvals leading to on-time payment.
Enhanced Visibility – Convert all invoices into standard format electronic files. This means invoice details can be accessed from a computer at any time, by anyone who is authorised and by multiple people at once.
Improved Control – Implement a formal, auditable process for capturing invoices, regardless of format or content, and easily implement security measures and retention policies to reduce risk of compliance failure.
Better Data Quality – Validate all invoices as they are captured so that approval processes run smoothly. Improve business decisions by providing high quality supplier data.
Optimised Cash Management – Get better leverage for early payment discounts. Avoid late payment penalties and even prevent invoices from being paid twice by accident.
For more information on Intelligent AP Automation, please contact AAC Systems Ltd.