The Accounts Payable (AP) process is the process that is responsible for paying suppliers and vendors for goods and services purchased by the company.
1. Non-standard invoicing : Invoices received from their suppliers arrive in different formats (like Image, PDF). Invoice formats are not always same format. It is a challenge for automation software to handle them in the same way in each time.
2. Unstructured data : The AP Team manually transfers data from the various invoice formats into the company’s standard format. This
repetitive task is slow and prone to errors. What initially appears to be a series of straightforward AP activities reveals itself to be a complex and inefficient process. Optimizing it would easily translate into a financial and organizational reward.
3. Discrepancies & approvals : The manual process extends to resolving discrepancies. Does the invoice price, Quantity and Part numbers match the PO?
The AP process using below use cases for automating the invoices,
1. Invoice Segregation
2. Invoice Processing
3. Cost Enter into ERP system
1. Swift Payments
2. Improved invoice accuracy with zero error
3. Standardized Processed
4. AP Process automation allowed to reduce human erros, more efficient, reduce the cost and good FTE save