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Accounts Payable is a function which defines and supports two very critical aspects of any business: Cash Flow and Supplier Payment Management. Both aspects are directly related to a firm's profitability and significantly impact each Line of Business of an organization. A systematic Accounts Payable process ensures a disciplined approach in the evaluation and improvement of Financial Management for the entire organization.
SAMPLE PROCESS FLOW OF PO BASED INVOICE
FEATURES ACCOUNT PAYABLE AUTOMATION
What is an Accounts Payable platform?An Account Payable platform is a platform that allows for invoice processing. The platform includes tools, infrastructure, and other features, that are in accordance with the set expectations.
What is accounts payable software?An ideal accounts payable system automates the end-to-end invoice processing, reduces manual work, streamlines approval workflows, manages payments, and improves compliance adherence, leading to cost and time savings for businesses.
What is accounts payable invoice automation?Accounts payable automation involves the digitization of all payable transactions, including invoices, debit notes, credit notes, and other such similar transactions, that affect the finances of an organization. Invoice automation is essential as it involves the outflow of money, which has a direct impact on the cash-balance of an organization. The primary objective of accounts payable invoice automation is to achieve compliance and optimize operational cost per invoice processing.
What is an Accounts Payable automation tool?An Accounts Payable (AP) automation tool refers to a technology suite that helps in the automation of invoice processing as per the current governance/compliance model depicted in the Standard-Operating-Procedures (SOPs). The extent of the automation and the outcome–focused features help in differentiating the solutions.
How does Accounts Payable automation work?Account Payable automation involves a set of tools configured to make a transaction flow from start to end and perform archival as required and documented in the SOP. The typical working model of AP automation includes omnichannel initiation, machine reading, validations, approvals, and submission to ERP, following which the contents and the data are archived for long-term reference as per regulations.
What are the key features of accounts payable software?The key features of accounts payable software include: Omnichannel acquisition of invoices at the point of entry Machine reading of the content Data validation with underlying applications (PO, GRN, etc) Exception management Approval Submission and archival Dashboards for operations, business, technology, and strategies Seamless integration for unified processing
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