Accounts Payable Automation Software

Accounts payable automation (or AP automation) is the concept of using tailored software systems to automate and streamline accounts payable processes. An AP automation solution maximizes efficiency while minimizing the potential for mistakes common in antiquated, manual systems. Advanced accounts payable automation systems, like those offered by DataServ, offer added features such as document retention and destruction, analytics and dashboards, and integrated mobile capabilities.

An effective and efficient accounts payable automation system can be a game-changer for your business. However, breaking your cost savings down to a concrete and specific dollar amount is dependent on a wide variety of variables. We can say that the right single stream invoicing accounts payable automation software system can reduce manual filing and processing times by up to 80 percent. AP automation solutions reduce invoice processing costs and dramatically improve payment accuracy. That equates to less time rustling papers and more time focused on value-added tasks necessary to improve customer relations and grow your business.

Paperless document management is a system in which hard copy files and documents are migrated to a digital format. A concept adopted by more and more businesses each year, paperless document management is the eco-friendly solution for boosting efficiencies, improving accuracy, and cutting costs associated with supplies and administrative labor. DataServ’s AutoVouch™, for example, transforms complicated and mistake-prone paper systems into a seamless transactional process that virtually eliminates the potential for human error. AutoVouch uses SaaS OCR technology to migrate paper documents into convenient digital formats to ensure maximum efficiency and accuracy at all times.

Automated invoice processing is an implemented system that allows a business’s invoicing to be done automatically and digitally rather than manually with hard copy invoices. The right automated invoice processing software can cut business costs dramatically by saving valuable clerical hours and minimizing the potential and risk for human error. Invoices can be sent, received, processed, and filed digitally within seconds, streamlining operations throughout your business.

Sticking true to the old “time is money” adage, the two biggest attractions to accounts payable automation go hand in hand: time savings and money savings. By automating your accounts payable processes and procedures, you’re saving your business valuable clerical hours and virtually eliminating the potential for errors. AP automation streamlines business processes top to bottom and can vastly improve your company’s productivity and potential for growth. Without the burden of constant manual processing and filing tasks, your staff can focus their time, energy, and talents on building for the future of your business.

Purchase order matching (or PO matching) is the accounts payable process of comparing purchasing documents and invoices to ensure that delivered goods and services, as well as incurred payments, are accurate and in check with one another. When done manually, the labor-intensive process can be daunting and take quite some time. Automated purchase order matching software, like DataServ’s AutoVouch™ system, can knock out the time-consuming process in a fraction of the time and with superior accuracy.

Accounts payable automation software, like that offered by DataServ, is highly customizable and designed to streamline every step of the accounts payable processes, including AP approval. For instance, DataServ automation software boasts automated approval routing which can be customized based on your approval matrix and chain of command up to three levels. By automating AP approval processes, you’ll keep everyone on the same page with regards to AP procedures while minimizing the risk for costly mistakes or oversights.

AP automation software takes those dusty and cumbersome documents from your file room and digitizes them, keeping everything you need organized and easily accessible at all times. No more misplaced or misfiled documents and no more rummaging through file cabinets to find what you need. Every document is literally at your fingertips and backed up via the cloud. Furthermore, document retention and destruction processes can be set up to meet your company’s needs as well.

A workflow is the sequence of administrative processes that a project or piece of work must pass between initiation to completion. More often than not, this involves touches by several members and/or departments throughout your organization, and if not done efficiently and effectively, items can be overlooked and mistakes can be made. Automated workflow, by contrast, takes these processes and streamlines them digitally. DataServ SaaS workflow is designed to automate routing, approvals, work queues, notices, and more in a constant effort at keeping all key players on the same page and working toward the same goal. Doing so dramatically improves productivity while cutting costs and minimizing the potential for error.

OCR scanning, or optical character recognition scanning, is a convenient feature that allows words and characters within a scanned document to be recognized, rather than just seeing the entire document as a single, static image. This allows users throughout your organization to access editable and customizable documents simply by typing in a name, purchase order ID, item number, or any other key piece of information. DataServ uses SaaS-based OCR in our world-renowned Digital Mailroom to convert our client’s documents from paper to digital.

Touchless invoice processing allows for quick, efficient, and accurate invoice processing through a sharable digital platform. The DataServ AutoVouch™ system, for example, converts paper documents into digital data and processes invoices based on a two or three-way match. Transactions can be set up to automatically flow into your business’s ERP system to be scheduled for payment without being “touched” by a single administrative staff member.

Obviously there are a number of variables that can affect your AP automation ROI: the size of your business, the cost of your labor, the price point of your goods and services, and so on and so forth. In general, however, DataServ clients routinely see a per-invoice return on investment of between five and fifteen dollars. Try our ROI Estimator to calculate your potential return on investment.

Yes! It is certainly possible for AP automation software to integrate with ERP systems. DataServ can seamlessly integrate with virtually any ERP! After undergoing a “pre-ERP” two or three-way matching system to ensure accuracy, invoices flow into your ERP system for payment scheduling without being “touched” by a single staff member.

E-invoicing, or electronic invoicing, is the process of digitizing your company’s invoicing systems, therefore reducing time, labor, and mailing costs. One misconception we hear quite often is that simply doing invoicing by email constitutes e-invoicing. To clarify, emailing a PDF or TIFF invoice to a client, having them print it out, fill it out by hand, re-scan, and email back is not true e-invoicing. At DataServ, we consider true e-invoicing to mean the implementation of OCR software, the option for digital populating, and an invoicing process that is truly paper-free and 100 percent automated.

For a complete and filterable list of articles, guides, case studies, videos, and other helpful resources relating specifically to AP automation best practices, visit our Best Practices page.

Automating accounts payable processes improves efficiency by allowing your team to skip the time-consuming, and potentially errorsome manual processing tasks necessary to maintain accurate records. By digitizing AP documents, and streamlining workflow, you’re freeing your team from these menial administrative tasks and allowing them to focus their energy on steps to grow and improve your company.

Accounts payable automation software comes in all shapes and sizes, and it’s important to make sure that the provider you choose for your business is able to meet every one of your AP automation needs. Here are the most desired features we come across in client discovery calls:

• Digitize data at 99%+ accuracy
• Support for multiple PO types
• PO 2- or 3-way matching
• Touchless non-PO automated approval routing and coding
• Route data to ANY ERP
• Tailored dashboards & analytics
• Workflows tailored to a business’s unique needs
• Centralized processing for multiple locations

Measuring performance as it relates to accounts payable comes down to analyzing the time and resources necessary to complete a single invoice. For instance, what is your cost per processed invoice? What is the average time per processed invoice? How many invoices are processed per employee per day? In taking the time to break down each of these figures, you’ll find that accounts payable automation may very well be a worthwhile investment and pay for itself in no time. DataServ makes this easy with our built-in analytics and dashboards.

As much as we aim to make business AP processes completely paperless, sometimes you’re bound to have a client that insists on doing things the old-fashioned way. That’s where our Digital Mailroom comes into play. We receive invoices on your behalf in any format, via any source, even paper. Within 24 hours that paper document has been digitized through our SaaS-based OCR, undergone a 5-step verification process, and been made available for you in DataServ. We then retain or destroy documents based on industry rules and regulations and your company’s needs.