Let us help you capture more and process faster with flexible AP Automation solutions.
What Is AP Automation?
AP automation is a touch-free way to handle and process invoices, and it’s come a long way since the term was coined. Modern companies today have accounts payable teams of five or more team members, and they are poised to reap ridiculous ROIs.
In addition, AP automation handles both paper and electronic invoices despite them having a slightly different process. While paper invoices have a manual scanning part in the process, both use OCR (optical character recognition) to extract the information from the invoices. Even better, companies are beginning to offer capture software with artificial intelligence capabilities to become continually ‘smarter’ about extracting that information – like our Forms Magic product.
How AP Automation Works
Capture
This is the ingestion of the AP documents. Here we collect your information and input it into our (or your) scanning system – whether it’s scanning in directly, reading from email, importing electronic files, or even ingesting raw data from an excel file.
Classify
This is where Forms Magic does it’s work. It processes all of these documents and enters in the metadata and keywords. Forms Magic helps sort and understand your invoices using artificial intelligence, and is able to read the data on them (such as Date, Invoice Numbers, Amounts, Vendor, etc.).
Extract
Forms Magic then takes that information from the invoice and extracts it off the page and properly formats it for your accounts payable system. All of your line items data (or any data for that matter – it’s your choice) is then collected so that it’s searchable for you in the future.
Workflow
This is the first time an AP clerk will see the document. It is presented to them in a workflow, queued up with the proper tasks they need to accomplish at this specific step. Our drag-and-drop builder makes it easy to create customizable workflows that fit your organization – never forced into a cookie cutter.
Automatic Entry
Now, our ‘robots’ (RPA) will automatically enter all of the invoice data into your accounting system (QuickBooks, SAP, etc.) with over 99.99% accuracy. This eliminates yet another step of manual entry, allowing your AP Team to focus on what matters. Accurate data entry literally at a fraction of what it cost you before.
Archive
Once the invoice is completed, we store your invoices so that you have access to them in the future. They will be there for future retrievals until retention is met, and then can be automatically destroyed (at a time period of your choosing) to comply with top-tier compliance purposes. Our low storage costs further propel your team to success.
Why Leaders Choose AP Automation
Fast, accurate, and efficient
With machine learning, power your accounts payable process to reduce errors, hand-keying, and speed your team’s processes.
Flexible Configurations
Drag and drop builder to create workflows that work for you. Route the right information to the right person in seconds with no manual entry.
Realize early payment discounts
Overpayments, duplicate payments, late fees, and early payment discounts. Invoice data automatically extracted to provide real-time insights.
Be 100% Paperless on Day 1
Paper invoices are not only expensive to process but easy to get lost in the shuffle. Go completely electronic and automatically feed your data.
Effortless Integrations with AP software
Sync with SAP, Quickbooks, NetSuite, and more! Works with any ERP or accounting system and connects with solutions from other vendors.
Accessibility & transparency
Keep your entire team informed on the status of each invoice. Share information effortlessly and also track who and when those invoices were accessed.
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