AP Automation (Accounts Payable Automation) is a solution used by accounting teams to digitize and streamline the processing of purchase orders and invoices.
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AP Automation software uses advanced optical character recognition (OCR) technologies integrated with robotic process automation (RPA) software to automate accounts payable PO, invoice, and payment processes.
The best AP automation solutions also use Verified Data Capture Services to achieve 99.9% accuracy of AP data automation.
What Can AP Automation Do for You?
In short, AP automation replaces manual tasks around PO and invoice processing, approvals and payment while providing better visibility and control over financial data.
A full end-to-end AP automation solutions include:
- Purchase Requisition Automation – Automated purchase requisition and approvals.
- Purchase Orders and Confirmation Automation – Purchase orders are automatically generated out of purchase requisitions with built-in PO approval and acceptance automation.
- Receiving Automation – Automated receipt confirmation against an open PO upon delivery of goods or services.
- Invoice Processing Automation – Invoice process automation including Verified AP Data Capture Service that delivers 99.9% accuracy of invoice data processing, automated 2 way and 3 way PO matching, and easily configurable invoice approval workflows.
- Travel and Expense Automation – Automating the travel and expense reporting process just makes employees happier!
- Payment Automation – The ability to automatically make electronic payments by check, ACH or wire transfer. Or why not use virtual credit cards and receive a 1% rebate on every payment you make!?
Here’s a video of what that looks like:
AP automation software at a minimum, will achieve the following for you and your organization:
- Simplify AP processing
- Reduce paper use
- Automate AP data entry
- Reduce or eliminate data entry errors
- Speed up AP processing
- Make the invoice approval process easier and more convenient for approvers
- Give immediate insight into an invoice status
- Provide auditors with immediate access to invoices and invoice approvals for review
- Save time and money for the company
In fact, it doesn’t just save time and money, It can actually turn your AP department into a profit center!
How to Find the Right AP Automation Solution for You
Software selection can be a daunting process because implementing an AP software solution requires an investment of time and money, plus it’s critical that you get it right the first time.
Luckily, there is a tried and tested approach to choosing the best software for your company.
We’ve created a checklist for you on How to Choose an Accounts Payable Automation Software Provider.
Following this guide and you’ll have an AP automation solution working for you in no time!
CoreIntegrator Procure to Pay Automation
CoreIntegrator has two solutions: CoreIntegrator Enterprise and A/P One.
With that said, let’s take a deeper look.
CoreIntegrator Enterprise
CoreIntegrator Enterprise is a powerful procure to pay automation solution that can be customized to meet infinite requirements and needs. It’s an enterprise system for enterprise-sized organizations.
With this solution, we can automat a lot more than just AP. For example, travel and expense or HR to custom workflows.
A/P One
A/P One is a cloud based SaaS solution that can be implemented to automate your accounts payable in just 3 days. This out of the box AP automation solution is perfect for smaller and medium sized organizations that process between 3,000 and 15,000 invoices per year.
Firstly, there are no big upfront costs and secondly, our unique flat-rate pricing model means you’ll never pay more than a couple dollars per invoice.
That cost even goes down as the volume of invoices goes up!
Bottom Line
A huge amount of companies have moved beyond paper and are enjoying the benefits!
This allows for smaller AP department headcount, significant cost savings, and implements internal accounting controls.
Take a look at our AP automation cost savings calculator so see how much you could save!
