Did you know that the accounts payable process is one of the most labor-intensive and error-prone processes in an enterprise? In fact, it is not uncommon for businesses to spend weeks – or even months – trying to track down a single invoice.
This is where accounts payable process automation comes in. By using intelligent AP automation software, you can minimize human intervention and eliminate error-prone tasks from the process. This will help you save time and money, and ensure that your invoices are processed quickly and accurately.
Decision Engines Automate Accounts Payable
To address their accounts payable process challenge, a major enterprise e-commerce marketplace partnered with Decision Engines. The marketplace handles thousands of bills every day from a wide range of vendors located in many countries. This necessitates time-consuming manual processes that are handled through outsourced manual invoice data entry services (BPO). There are numerous delays, increased cost per invoice processed, missed payments, and discount taking as a result.
Decision Engines’ Accounts Payable Automation solution helped the marketplace automate their entire AP process – from invoice capture to payment. This was done by digitizing multilingual, multi-format scanned invoices and seamlessly integrating with PO and Payment systems to minimize lag, and errors and ensure cash flow could be accurately managed without BPOs.
The Results: A More Efficient Accounts Payable Process
By automating its accounts payable process, the marketplace was able to reduce the time spent on manual data entry by 200%. Additionally, a saving of over five million dollars per year was achieved by automating late payments and discounts.
If your business is still using manual methods to process invoices, it’s time to consider automating your accounts payable process. Doing so will help you improve efficiency, save time and money, and ensure that your invoices are processed quickly and accurately.
Contact us today to learn more about how we can help you automate your accounts payable process. Decision Engines offers a suite of solutions that can be tailored to your specific needs.
We can help you save time and money, and improve the efficiency of your AP department. Request a demo today.
Accounts Payable Automation Resources
What are intelligent accounts payable (AP) automation software?
Accounts Payable Automation (AP Automation) is a software solution that uses robotic process automation (RPA), intelligent capture, and document management to automate the accounts payable process. It is designed to streamline and improve the efficiency of an organization’s accounts payable department.
How do you automate accounts payable?
There are a few different ways that you can automate your accounts payable process, but the most effective way is to use intelligent AP automation software. This type of software will help you minimize human intervention and eliminate error-prone tasks from the process. Additionally, it can be integrated with an online business network that connects trading partners digitally. This will help you save time and money, and ensure that your invoices are processed quickly and accurately.
What are the benefits of automating accounts payable?
There are many benefits of automating your accounts payable process, including:
- Reduced time spent on manual data entry
- Improved accuracy and efficiency
- Increased cash flow management
- Reduced costs associated with late payments and discounts
- Streamlined and improved AP department operations.