AP Automation

Automate The Input of Invoices

AP Automation, as the name suggests, automates your accounts payable process by automating the manual processes involved. It means automating processes such as receiving invoices, coding, approval, payment and reconciliation. AP Automation software provide dashboards which allow you to see the entire journey of an invoice, and its status in real-time, and everything is stored electronically for easier audits.

AP Automation

How Does AP Automation Work?

A unique email address is used to capture your invoices, which are then automatically converted into a digital format, including any attachments, invoice header and line details. AP Automation uses Optical Character Recognition (OCR) to extract all the relevant information from the invoices and Machine Learning (ML) is used to recognise repeated patterns and improve accuracy. Finance teams have complete visibility and control over the status of every invoice processed to allow for smarter budgeting decisions, and a duplicate invoice check ensures no invoices are paid twice. An automated bank account capture reduces the risk of fraud and the approval process can happen anytime, anywhere by the nominated approver. For security you can add as many approvers as you wish. Once approved the invoice will appear in Opera 3 SQL SE with a full audit trail and will be electronically stored for seven years to meet audit requirements.

Some of the Benefits of AP Automation

  • Comprehensive workflow and invoice approval process.
  • Clever dashboards and reporting provide drilldown to specific suppliers and their invoices to highlight their status.
  • Duplicate invoice check ensures no invoice is paid twice.
  • Flexible invoice capturing means you can capture invoices in any language, currency or amount. PDF, doc/docx, xls/xlsx, htm/html, xt, tif/tiff and more
  • A smart central hub for finance controllers and a bank detail verification function help to reduce the risk of invoice fraud.
  • Nominal ledger coding is simple and can be automated by supplier, specific invoices and for certain lines of an invoice.

Call Quad now to find out how Opera 3 SQL SE and AP Automation can help your business

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