Accounts Payable Automation (or sometimes known as AP Automation) is the process of making your Accounts Payable department more efficient and reducing manual processing.
Inaccurate handling of e-invoices leads to costly mistakes on the part of the buyer, and can hinder relations with the supplier.
First, invoices are processed with intelligent capture OCR (optical character recognition) and the invoice information is extracted and stored.
Next, the information can be integrated into your ERP (enterprise resource planning) system where you can track invoice status and monitor payment processing. By doing this, you’re able to have end-to-end visibility of the invoice from receipt to payment.
By utilizing an Accounts Payable Automation Software solution, you can:
- Comply with government mandates
- Better monitor Day’s Payments Outstanding
- Access real time data
- Use analytics to analyze costs, reduce exceptions, and achieve compliance.
How to Select an Accounts Payable Automation Software
First, you’ll want to check and make sure that your AP Automation software solution of choice integrates with your ERP. You’ll also want to make examine the different accounts payable automation software choices carefully to ensure that it’s a good fit for your organization.
A quality software solution will complement your AP department and ensure that works is done faster, more efficiently, and in compliance with all regulations.
Why Choose Tungsten Network for Your Accounts Payable Automation Software Solution
Tungsten Network increases accuracy and integrates with most ERP systems.
As the world’s largest compliant electronic invoicing network, Tungsten Network connects buyers and suppliers around the world, allowing them to enhance business decision making and cashflow management.
The advantages to the buyer are numerous and include:
- Reduction of fraud and risk
- Increased efficiency and accuracy
- Freeing human capital to work on strategic initiatives
In the meantime, suppliers are benefiting from:
- Improved cashflow with early payment services
- Increased visibility into invoice payment and status
- A reduction in invoice exceptions
Tungsten Network enables buyers and suppliers to submit, process, and pay invoices online, and in the language and currency of their choice.
See how we’ve helped other companies with their AP automation software in this video case study from Mohawk.
If you’re interested in learning more, download our whitepaper today, and see how your organization can benefit from an accounts payable automation software!