If your business is still stuck on a paper system, there is a good chance that inconsistencies are common. Accounts payable automation can radically enhance your workflow. Too much paperwork is stressful, and it is easy for invoices to get lost in the shuffle. Electronic automation can make life a lot smoother for the accounting department but how exactly does it work?
Accounts Payable Automation
Automated accounts payable systems are entirely digital, so all documents need to have digital versions. Paper invoices that need to be digitized can be scanned through optical character recognition (OCR) software, which turn paper into digital files. AP automation systems support document indexing, which is necessary to have for your business, creating a searchable index for every part of a document, invoice, etc.
When an invoice is converted into a digital version, it enters your accounts payable system and is immediately scanned to find out if it’s associated with a purchase order. If it checks out, the invoice automatically moves on. If it does not, it’s routed into a separate workflow. If any data is missing, the system will route the invoice again for manual review along with duplicates. The tools in an automated system, which include a search engine, are available for employees when they need to decipher an invoice manually.
The system also makes sure invoices are not forgotten about without approval. Reminders are sent for those that still need to be approved. Remote access to the system is also applicable, which is essential in times like right now, issue approvals through a smartphone linked to the system. With a system like PN3, businesses can achieve up to 90% auto-processing for accounts payable.
PN3 is a lower-cost electronic payment system perfect for accounts payable automation, geared toward your organization’s spending policies. PN3 includes all benefits and features accounts payable automation solutions normally do and more.
To learn more about PN3 and transform your business with paperless AP automation, complete the form below!