Automating the accounts payable process offers organizations numerous advantages. First and foremost, it significantly increases efficiency by eliminating time-consuming manual tasks such as data entry, invoice matching, and approval routing. As a result, organizations can streamline these processes, enabling faster invoice processing, and reduces errors and frees staff time for more valuable activities.
Capture Invoice Data
Upon receipt, our integrated accounts payable automation solution swiftly extracts invoice data. It handles formats such as paper, PDF, XML, and EDI. This data comes through channels like email, Peppol, NemHandel, or any other e-Invoicing channel or governmental platform. Furthermore, Dynatos leverages advanced OCR technology combined with Artificial Intelligence (AI) and Machine Learning (ML). Consequently, this ensures best-in-class recognition in this initial process step.
Process Invoice Data
After capturing the invoice data, the data is processed into your ERP system or a dedicated AP Automation solution. This step facilitates handling both purchase order (PO) and non-PO-based invoices. PO-based invoices are automatically matched (2-way, 3-way or 4-way) against PO data in your system. If no discrepancies are found, the system posts them automatically. When deviations occur, a role-based workflow promptly addresses them.
Non-PO-based invoices can be coded automatically based on predefined business rules and historical patterns helped by AI, or manually if needed. Likewise, invoice approval workflows can be automated or initiated manually, depending on organizational requirements.
This automated approach to accounts payable processing ensures adherence to business regulations and controls. Additionally, it optimizes efficiency by minimizing human interaction.
Automating the accounts payable process requires minimal human interaction while maintaining business regulations and control.
Automate accounts payable
Cloud-based or on-premises solutions
Accounts payable automation software is available as on-premise solutions but also in the cloud. Therefore, invoices can be approved, declined or request edits from everywhere through all devices. It also enables access to invoices and financial data to make strategic business decisions based on accurate financial information.
Accounts payable automation ignites Digital Transformation in finance
Both internal and external stakeholders nowadays expect more from finance departments than simply bookkeeping and preparing financial statements. They increasingly expect that finance supports them pro-actively in decision support, risk & compliance, and performance management. Financial departments are therefore transforming from a traditional operational function to a true business partner for its stakeholders.
Strategy, change management, and technology are crucial elements in every finance transformation process. Accounts payable automation frees up time to go through this transformation while improving productivity, efficiency, and quality.
Frequently asked
Automation of accounts payable processes can lead to increased efficiency, reduced errors, faster processing times, improved compliance, better vendor relationships, and cost savings.
Yes, there is no maximum number of invoice pages in a document that accounts payable automation software can process. The solution can automatically determine the last page of an invoice.
Without automation, businesses typically handle accounts payable manually, which involves a more time-consuming process of receiving, verifying, and processing invoices.
