Accounts Payable Automation, often known as AP Automation, is a technology system that helps the accounting team to automate accounts payable invoice processes. To automate accounts payable invoice and payment procedures, AP Automation software includes clever optical character recognition (OCR) technologies that integrate both artificial intelligence (AI) and machine learning (ML) software.
Accounts payable automation software helps organizations gain 24/7 access to a centralized, paperless, and highly automated purchase invoice handling process.
Given how critical invoice management is to fiscal health, why are so many businesses trusting this process to manual methods like spreadsheets or paper invoices?
With the Dokumentive AP automation solution, your organization can:
Read Article: 5 Benefits of Accounts Payable Automation
Extract and capture data from all paper and digital documents received via fax, email, Google Drive, or Dropbox with advanced OCR technology, Machine Learning, and Intelligent Documents Recognition.
Whether documents are structures or non-structured, our technology can intelligently capture data with minimal interventions.
Invoices are automatically checked for coherence and data is validated based on business policies. Process supplier invoices automatically with intelligent 2 or 3 way matching and match invoices to purchase orders and goods receipts without any manual intervention.
With e-Doc360, a robust and proven AP automation solution, customers benefit from automated data extraction from receipts and invoices avoiding all manual interventions.
e-Doc360 is equipped with a workflow engine and software intelligence to verify invoices and match them with their respective POs.
When invoices and receipts are validated, users can swiftly transfer them to the accounting system using several available connectors.
By switching from a manual invoice processing system to a fully automated, cloud-based AP process, you can cut costs, save time, and cut down on errors.
The solution captures invoices and receipts from all sources including
The format of documents can be pdfs, images and so on. This process is automated and does not require any manual intervention.
Leveraging Dokumentive’s advanced OCR and machine learning functionalities, the solution accurately extracts all the required information including amount, taxes, vendors, etc.
Along with the automated data extraction, the solution automatically matches purchase orders with invoices and easily generates accounting transactions.
As a result of the automated data capture and verifications, users experience instant cost savings, error-free transactions and enhanced visibility and accessibility.
Approving invoices manually is a very slow and inefficient process that can lead you to make mistakes and miss early payments.
What is the 2 way and 3 way matching in Accounts Payable?
The 2-way and 3-way automatically matching systems help you quickly match information, like quantity and price, in purchase orders (PO) and invoices. So, it speeds up the process and synchronizes flow between departments.
With payable automation solutions, you can send your files and documents to where they need to go within seconds and also prevent duplicate records across multiple systems. And, when you approve any document, you can transfer it automatically to your accounting system for payment.
The accounts payable automation solution from Dokumentive integrates with multiple ERPs and ECMs systems, such as Quickbooks, SAP, Microsoft Dynamics NAV, AX, and SAGE.
Automating accounts payable (AP) can help CFOs meet challenges like engaging with employees, customers, and suppliers, optimizing compliance, efficiency and increasing visibility.
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