When you automate your accounts payable function, you will actually see a cost reduction because your AP process will be more efficient and your employees will be more productive. The initial setup cost does depend on the size and complexity of your organization, so there isn’t a simple answer. Across the board, our clients typically break even in 9-12 months and see additional reductions in processing cost over time.
Accounts Payable Automation Software keeps track of every event and change from intake to payment. Using OCR in conjunction with our proprietary indexing technology, we guarantee 99.5% indexing accuracy, all backed by an SLA. Index invoices can be searched in a variety of ways. Beyond standard PO and invoice number searches, you can search by vendor name, date range, invoice total, GL Code, payment status, approval status, item or product descriptions, and more.
When using automation, the average days to process a vendor payment was reduced by nearly three days from 8.6 days down to 5.4 days. For PO Invoices, payments are usually processed and paid within 12 hours or less. Early payment discounts (and avoiding late payment penalties) make automating an obvious cost effective choice.
We do not require individual licenses; larger teams will save money and enjoy the benefits of more flexible access to our platform. Furthermore, our platform allows you to specify permissions for limited access, approvals, viewing/editing, reporting, and more. You have total control regarding who has access and who does not.
When switching from standard invoice processing to high levels of automation, the average company will see a 20-25% reduction in invoice errors, a 10-15% reduction in vendor payment errors, and a 5% reduction in checks reissued.
Yes. We connect with multiple ERP applications that include SAP, Oracle, MS Dynamics (GP, AX, NAV), Eatec, QuickBooks, Sage timberline, and many more. After initial integration, IT team support is not needed.