Accounts Payable Automation
Streamline your entire accounts payable process from invoice receipt to payment execution. Automate data capture, approval workflows, and payment processing to reduce costs, eliminate errors, and capture early payment discounts.
Cut invoice processing costs by 80% with intelligent automation.
Never miss an early payment discount with automated tracking and scheduling.
Reduce data entry errors and duplicate payments with validation.
Detect suspicious invoices and payments with AI-powered fraud detection.
Pay on time, every time, with automated payment scheduling.
Track every invoice in real-time and forecast cash requirements accurately.
Our SOPs are built on years of industry experience and best practices from leading finance teams.
Establish centralized intake for all invoice channels: email, mail, EDI, portal. Implement vendor onboarding to encourage electronic invoice submission. Validate invoice completeness: vendor, date, amount, PO reference, line items. Reject incomplete invoices and request corrections from vendors. Log all invoices upon receipt with timestamp and source.
Perform 3-way match: PO, receipt, and invoice. Tolerances: quantity (±2%), price (±1%), amount (±$10). Route mismatches to buyers for resolution. Validate vendor master data and payment terms. Check for duplicate invoices using header and line-item matching. Flag invoices exceeding approval authority for additional review.
Route invoices based on amount, department, and vendor categories. Set approval SLAs: standard (3 days), expedited (1 day), emergency (same day). Escalate overdue approvals to department heads. Require additional approvals for non-PO invoices and exceptions. Maintain segregation of duties between invoice approval and payment authorization.
Schedule payments to optimize cash flow and capture discounts. Prioritize payments: discounts due, critical vendors, standard terms. Execute payments through secure payment channels: ACH, check, wire, virtual card. Reconcile payments to bank transactions daily. Notify vendors of payment status and remittance details.
Deep domain expertise built into every feature, based on years of industry experience.
Cost per invoice: best-in-class under $2, average $8-12. Processing time: best-in-class under 3 days, average 10-12 days. Early payment discount capture rate: target above 90%. Exception rate: best-in-class under 10% of invoices. Touchless processing rate: target above 80% for PO-based invoices. Vendor inquiry response time: target under 24 hours.
Purchase Order provides authorized quantities and prices. Goods Receipt confirms physical receipt of items. Invoice requests payment for delivered goods/services. Match validates that invoice reflects received goods at agreed prices. Tolerances accommodate minor variances in quantity and price. Non-matches require investigation and resolution before payment.
Dynamic discounting offers suppliers early payment at negotiated rates. Supply chain finance enables suppliers to get paid early by third parties. Virtual cards provide rebates and enhanced security. ACH offers lower cost than checks with faster settlement. Payment timing optimization balances cash flow and vendor relationships.
Common fraud types: phantom vendors, duplicate invoices, altered amounts, fake banks. Prevention controls: vendor master file controls, segregation of duties, dual approvals. Detection methods: analytics identifying anomalies, vendor bank account changes, unusual payment patterns. Employee training on social engineering and phishing attempts. Regular audits of vendor master and payment transactions.