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Top 10 Benefits from Going Digital for Accounts Payable Automation

Embracing Change in the Digital Era through Automation

An enterprise digital transformation solution to capture and validate unstructured incoming invoice details that uses your existing enterprise accounting system. It enables payment reviews and authorizations via mobile devices and automates your procure to pay cycles, prior to onward processing to the finance department. Reduced costs, improved compliance, plus real time visibility drives performance to ensure that approvals are always undertaken with full knowledge of budgetary impact.

 

Standardisation of Process

Enables underlying documentation from PDF’s or scanned documents to be easily captured in a repeatable process for subsequent approval through email, mobile or multi-functional office devices.

 

Approvals Made Easier

Auto image processing of captured documents enables onward digital validation of data fields and for supplier information to be coded and subsequently matched with original purchase orders, together with compliance checks for any duplication.

 

Follow Up Tasks by Right Person

Approval workflows can be managed prior to the creation, checking and processing of required accounting journals, with exceptions being managed within a repeatable and auditable process. Resolution processes for exceptions can be tightly managed ensuring that the right staff are involved at the right time depending on circumstances. Notifications to wearables is also supported.

 

Enforce Compliance for Costs and Resources

Enables business logic to be defined for more complex enterprise document processes through the use of highly configurable workflows together with any required departmental hierarchies and appropriate segregation of duties.

 

Process Alignment

Enables automation of payment reconciliations against supplier, purchase orders and goods delivery to identify document discrepancies. Processes are automatic and real time, thereby enabling errors to be identified including those that might be fraudulent in nature.

Automations need only be disrupted when specific approval situations are identified by the system through the trigger of exception alerts, which allows for streamlined accounts payable operations to take place with minimal human involvement. Suitable for both office staff and on-the-go operational staff through end to end process management being from any device @anywhere.

 

Streamlined Inter Departmental Processes

Increased transparency and visibility across our own or 3rd party accounts payable and financial systems during the end to end procure-to-pay lifecycle.

 

Audit Trail and Compliance

Document actions are saved in archived log files and by batch for compliance checking and real time status tracking. Approval history together with data field entries are documented and embedded throughout the end to end process to enhance efficiency of required data compliance audits. Access to systems can be maintained, controlled and authenticated at a granular level through the support of active directory single sign on and change logs.

 

Process Refinement to Drive Productivity

On boarding of purchase invoices can be further enhanced through the use of Artificial Intelligence (AI). Google Cloud Platform API’s or IBM Watson as well as other emerging AI platforms can be leveraged to augment not replace operators within the accounts payable process.

 

Reporting @ Anytime @Anywhere - Analytical Insights and Real Time Visibility

Comprehensive multi-dimensional summary or detailed access with version control through the use of on demand or scheduled prebuilt reports or through the use of the Document Designer or the online in-app pivot type enquiry and reporting tool.

 

Security and Encryptions

Passcode and data encryptions @rest @transit ensures data security throughout the process for desktop and mobile devices. Lost devices with options for data deletion can provide additional safety in operations for mobile devices.

In conclusion a digital solution for today that is future proofed for ongoing required changes that come with process, or staff changes. Developments in Artificial Intelligence can be leveraged when needed to drive productivity improvement to higher levels, recognising that this is an exciting yet still emerging technology.