accounts payable invoice automation

Accounts Payables play a critical role in the functioning of businesses. As a medium or large size business, processing numerous vendor invoices on a regular basis becomes a part of your daily operations. It directly impacts your cash-flow management, safety against financial frauds, and your vendor relationships. The way your AP team manages your AP workflow majorly decides whether these factors are affected positively or negatively.

One of the major negative impacts the accounts payables have on your business is when they are handled manually. Most accounts payable teams end up spending their valuable time on repetitive tasks that throw away their productivity.

THE UNIQUE EASY ACCESS INVOICE AUTOMATION SOLUTIONS

Easy Access is an accounts payable automation solution that automates your invoice processing end-to-end. It helps your AP staff to eliminate numerous points within the accounts payable processes, making your workflow efficient and streamlined.

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THE EASY ACCESS ACCOUNTS PAYABLE INVOICE AUTOMATION HAS THREE COMPONENTS

01

CAPTURE

Capture the data from the invoice image using Optical Character Recognition (OCR) software.

02

WORKFLOW

Compare the PO data with the Receipts for ‘PO invoices’, and route to approvers in case of ‘Non-PO invoices’.

03

INTEGRATE

Enter the matched ‘PO invoice’ and approved ‘Non-PO invoice’ data into your ERP system automatically!

CHOOSE THE COMPONENTS, LOCATION, AND OPERATIONS THAT CATER TO YOUR SPECIFIC NEEDS

Easy Access’s customizable invoice & AP automation solution allows you to select specific components from the above-mentioned options. Additionally, you are also provided with options for Location of Solution (Cloud or server) & OCR Operator (Your AP staff or Easy Access Staff). These special features deliver you tailor-made invoice automation services that serve your priorities.

SOLUTION SELECTION AND CUSTOMIZATION PROCESS

Select from the options below to have a customized AP automation solution that suits your specific requirements.

Components

Are you satisfied with the workflow in your ERP?

a. Yes: Select only components 01 & 03

b. No: Select all three components

Location of solution

Where should it be hosted?

a. In the Cloud

b. On Your Server

Invoice Data capture

Who should operate the OCR?

a. Easy Access staff

b. Your AP staff

  • Select specific components.
  • Have your preferred location of the solution.
  • Spend absolutely no time learning to operate the OCR data capture.

Easy Access- The only AP automation solutions provider that operates the OCR data capture for you.

The result? A low-cost solution that is operational in 90 days or less.

INVOICE PROCESSING SOLUTION

WHAT IS AUTOMATED INVOICE PROCESSING?

Automated Invoice processing is a technology used by accountants of organizations for invoice management. It is a cost-effective and efficient way to manage invoice data in real-time, right from the time of arrival to payment completion. Automating accounts payable workflow has many advantages and hardly any implementation risks. It streamlines your AP invoicing workflow, improves early payments and cost savings.

HOW DOES AUTOMATED INVOICING WORK?

Automated Invoice processing starts right at the arrival of your invoice. Your invoice processing automation software starts by scanning the invoice data (this is known as invoice capture) and feeding it to your accounting system. Your automated invoicing software then performs pairing and matching functions with the received invoice and purchase order lines. This is done with no human intervention. If the lines match, the payment is pushed forward in your ERP system. The payment is put on hold otherwise.

INVOICE AUTOMATION FEATURES

Your accounts payable invoice processing software with its unique features enables quick and efficient AP workflow with no human intervention.
The best automated invoice processing software offers you:

Optical Character Recognition (OCR) Technology

Scans your invoice data.

Touchless Pairing & Matching Activities

Decides whether your invoice will be pushed further in the cycle or put on hold.

Data Dashboard

Helps keeping a track of all approved invoices and reviews them if needed.

BENEFITS OF AP Invoice Processing Automation

Reduces invoice processing time to as low as two days

Have total visibility of the invoice from receipt to entry into your ERP system

Increase Touchless processing of invoices to over 70%

Rapidly correct invoices with problems

Use Metrics to continue to improve productivity and reduce costs

Have access to the audit history of all activities connected with each invoice

TOUCHLESSLY. RAPID. METRICS: TRM

Our unique TRM invoice automation process for your AP workflow.
Process 3,000+ invoices a month with minimal AP staff.

touchlessly 

Invoice processing includes PAIRING activities, which involves automatically assigning a PO line number to each invoice line. 80% of your invoice is processed with no human touch!

Rapid

Correction and importing of invoices into your ERP system, and auto-routing of ‘Non-PO’ invoices to the designated approver.

Metrics 

The accounts payable automation software uses Metrics to better manage staff, invoice automation process, and costs by monitoring exceptions.

HAVE COMPLETE VISIBILITY INTO YOUR PAYMENTS PROCESS WITH AUTOMATED INVOICE PROCESSING SYSTEM

With tons of incoming invoices in every imaginable format, the old-fashioned manual data entry of accounts, ineffective approval workflows, the odds of errors, misplaced documents, and non-compliance is more significant. 

Invoice automation software can reduce processing costs by almost 80% and improve businesses’ relationships with vendors and suppliers. 

Fortunately, the benefits of accounts payable automation software are verified and documented by corporations everywhere.

The solution automates invoice accounts payable processes and provides significant reductions in invoice processing cycle times and expenses. Whether you are a small company or a large public enterprise, our invoice automation process on your accounts payable could eliminate expensive, time-consuming manual duties.

Easy Access AP invoice automation workflow removes processing bottlenecks, acquires an audit trail for compliance, and increases visibility throughout your supply chain.

The accounts payable invoice automation solution also helps gain near-total transparency into documentation and metrics. Moreover, the seamless ERP integration creates hyper-efficient AP processes that are also strategic hubs of business intelligence.

BOOST INVOICE APPROVAL CYCLES

Manual AP involves more than 10 steps before the invoice finally gets processed. This makes your Accounts Payables cycles over two weeks long! Easy Access’s AP automation solution helps you cut down on this time and process four times as many invoices in the same amount of time. This means that your invoice processing life cycle lowers from more than 15 days to two! 

Easy Access quick OCR data capture, prompt routing of invoices to designated parties, rapid pairing and matching activities make your AP workflow swift, efficient, and productive.

ELIMINATE PAPERWORK & INCREASE SAVINGS

Most businesses don’t see the negative impact of lost invoices, errors, duplication of documents coming. However, they can cost your company more than money. The Easy Access accounts payable automation solution allows you to upload your documents to its system, reducing lost invoices significantly. Errors automatically leave your list of concerns with automation. Additionally, Easy Access also makes your documents accessible to you in a digital format, removing paperwork out of your workflow completely.

Frequently Asked Questions

1. How to automate invoice processing?

To reduce the overall invoice processing time and costs, & improve productivity, it is essential for businesses to invest in a reliable accounts payable automation software or invoice automation solution.

Easy Access’s AP automation software uses the Optical Character Recognition (OCR) technology to capture invoice data accurately and integrates with your ERP system to give you a touchless invoice processing experience.

2. Where can I find the best AP invoice automation?

Choosing the best invoice automation solution for your business is a daunting process. The Easy Access accounts payable automation solution captures the invoice data using the OCR (Optical Character Recognition) technology with 99.5% accuracy & integrates with your ERP system for touchless processing of your invoices. Easy Access also helps you keep an audit history of all the activities connected to each invoice.

3. What is the best invoice automation software?

Easy Access’s accounts payable automation software is one of the most reliable and resourceful invoice automation solution in the industry. Its Optical Character Recognition technology ensures all your invoice data is captured with utmost accuracy each time & integrates with your ERP system to eliminate the manual tasks related to AP. Easy Access offers a touchless invoice processing for your business to reduce costs and improve productivity.

4. Why do Companies Need Accounts Payable Invoice Automation?

Managing accounts payable tasks manually can get challenging. Moreover, manual processing of invoices can lead to errors and delays. With the help of a reliable accounts payable invoice automation software, businesses can

  • Reduce overall invoice processing time.
  • Have total visibility of the invoices from receipt to entry into their ERP systems.
  • Increase touchless processing of invoices.
  • Improve productivity and reduce costs.
  • Have an audit history of all activities connected with each invoice.
  • Rapidly rectify invoices with problems.

5. How Does AP Automation Help Reduce Invoice Processing Cost?

Time is money! With an automated invoice workflow, your on-time payments are improved and errors are reduced, thus saving your AP team’s most productive hours. Accounts payable automation also eliminates manual work, which helps you save a great deal of money that is spent on manpower too.

6. What is AP Invoice Automation? -

AP invoice automation is a technology used by many organizations to digitally manage their accounts payable tasks. This helps them eliminate manual work, reduce errors and paperwork, improve on-time payments, and manage their financial data in the most efficient manner

7. How AP Automation Fixes the Invoice Approval Process?

A manual invoice processing workflow can become extremely taxing and inconvenient (due to errors, delays, waste of resources, etc). It makes your AP team spend their most productive hours on repetitive tasks. Automating your AP processes can help you take care of problems such as errors, delays, and the mundanity of certain accounting tasks.

8. What is Invoice Processing Used For?

Invoice Processing is a complete workflow of your accounts payable team managing your supplier invoices. This process takes care of the approvals of your invoices, thus completing your payment cycles. It starts when you receive an invoice from your supplier/vendor and ends when a payment has been approved.

Frequent Searches: Automated Invoice Processing solution