ACCOUNTS PAYABLE (AP) PROCESS AUTOMATION
The most time-consuming and tedious within a company's day-to-day finance operations is Accounts Payable. This process can stifle your frontline accounting staff and CFO into spending most of their precious time on repetitive and manual work instead of more meaningful functions. This diversion is unnecessary and can be expensive for the company.
From purchase orders to vendor invoices -- from approvals to accounting -- many touchpoints are still performed manually. This means a longer gestational period for the AP process and possible manual errors / duplication.
Automating the AP process mitigates the risk of errors /misstatements while improving accuracy and saving time.
WAYS TO AUTOMATE ACCOUNTS PAYABLE PROCESS
- Submit purchase requisitions electronically.
- Review and approve in a system generated way.
- Automate creation of purchase order creation.
- Automate reviews of Goods Receipt Note (GRN) and inventory update.
- Generate exception report for invoice management.
- Create predefined vendor list and pricing system.
- Ensure systematized verification for cash management.
Procure to Pay at a Glance - Receiving Goods & Services
TOOLS FOR AP AUTOMATION
- OCR and ICR convert scanned images into text, converting paper documents into editable, searchable digital files.
- Electronic Invoicing avoids unstructured data, duplication of invoices and loss of data while ensuring digitization and audit trail.
- Artificial Intelligence meticulously applies mathematical techniques and analytical methods to create a smart processes.
- Robotic Process Automation (RPA) enables performance of repetitive tasks based on specific rules with minimum human intervention through end-to-end automation.
HOW TO GO ABOUT IT: AP PROCESS STEPS
WHAT ARE THE ADVANTAGES OF AP AUTOMATION?
Learn how Astute can help you automate your Accounts Payable Process through smart & innovative solutions!
Their excellent Technical Accounting and Audit knowledge helped us clean up some of the major areas of financial statements and assisted us in getting prepared for the audit.