Accounts Payable Automation
Accelerate your AP process with RapidAP, our powerful accounts payable automation software that saves time, cuts costs, and boosts efficiency.
Why Automate Invoice Processing?
Manual invoice processing is error-prone, expensive, and inefficient.
The Solution: Accounts Payable Automation with RapidAP
How Does Our AP Automation Work?
Centralise Invoice Collection
- Instead of receiving invoices through various channels (email, fax, mail), you establish a single point of entry. This could be a dedicated email address, a web portal, or integration with your supplier’s system.
- The AP automation software continuously monitors this central location for new invoices.
Automatic Data Entry with OCR
- When a new invoice arrives in the designated location (e.g., email), the software leverages Optical Character Recognition (OCR) technology.
- OCR extracts relevant data from the invoice, such as vendor name, invoice number, date, amount, and line items.
Automate GL Coding
- The software uses pre-defined rules or machine learning to automatically assign General Ledger (GL) codes to each line item on the invoice.
- These codes categorise the expense and ensure proper accounting treatment.
Set Up Automated Invoice Verification
- The extracted data is compared against existing purchase orders or contracts.
- Discrepancies are flagged for manual review, while invoices matching purchase orders can proceed automatically.
Streamline Approval Workflows
- The software routes invoices requiring approval to designated personnel based on pre-defined rules (e.g., amount thresholds).
- Approvers can review and electronically approve invoices within the system.
Facilitate Seamless Payments
- Once approved, the software initiates payments according to your preferred method (e.g., electronic funds transfer, check printing).
- The system can also automatically update your accounting records.
Check out how much you can save with AP Automation
Free Accounts Payable Processing Costs Calculator
Use our Accounts Payable Processing Calculator to compare manual invoicing costs with automated invoicing costs and see how much you can save by automating your Accounts Payable.
Contact Details
* Including implementation costs
The calculation is generated with a computer driven mathematical model and relies on user input. Future costs estimates are based on many assumptions and may fluctuate. These estimations are intended as a guide only.
What are the benefits of AP Automation?
If I already use OCR for my invoices, do I still need AP Automation?
Having an OCR will make your life significantly easier. However, it can’t do what an AI-driven AP Automation Automation Solution like RapidAP can do.
An AP Automation solution learns data patterns, interprets the data elements, and answers questions about tax lines, PO numbers and more without telling the system the exact location of those fields. This is something that OCR can’t do by itself.
RapidAP is an AI-driven platform that uses the latest OCR and invoice life-cycle management technology available on the market allowing us to improve our clients’ efficiencies way beyond the market average.
Why is configuration important?
Each company has its own approved hierarchy, invoice categories, auto-approval rules, approval procedures, business logic, and workflow rules.
Therefore, every company needs an AP automation solution that can be configured according to their business. RapidAP helps you configure the solution according to your own rules and business logic.
A future-proof Accounts Payable Solutions with real results!
Why Choose RapidAP?
Touchless Experience
Smother User Adoption
Personalised Experience
Our solution comes with business rules flexibility that enables organisations to cater to changes as and when their business and processes dictate.
Rapid Return On Investment
RapidAP starts reducing your invoice processing costs from day 1 ensuring you get your returns within 6-18 months of deployment.
Discover How RapidAP Works
“The solution is intuitive, and it’s simple to use. We just log in and browse our task list. The user interface is great, and everyone is fairly happy with it.” – Sonic Healthcare
Dashboad Reporting Module
Experience smarter financial management with our all-in-one module, designed to automate and enhance every step of your accounts payable process, featuring:
Real-time Data
Stay up-to-date with live data feeds and instant updates, ensuring you have the most current information at your fingertips.
Actionable Insights
Leverage powerful analytics to identify trends, uncover opportunities, and make informed decisions that propel your financial strategy forward.
Enhanced Efficiency
Automate routine tasks and reduce manual intervention, freeing up your team to focus on high-value activities.
Custom Reporting
Tailor your reports to meet specific business needs with flexible and customisable reporting options, providing you with the precise information you need.
Improved Compliance
Maintain compliance with regulatory requirements through robust reporting and audit trails, reducing the risk of errors and non-compliance.
User-Friendly Interface
Navigate effortlessly through an intuitive interface designed for ease of use, ensuring your team can quickly adapt and maximise the module’s potential.
Our automation suite integrates with all the major ERPs
Our automation suite is easy to integrate with more than 98% of the ERPs available in the market. Our team works with you to ensure our RapidP2P modules are integrated with your ERP seamlessly and quickly.
Why Choose Efficiency Leaders?
Founded in 2009, our journey over the past 15 years has seen us cultivate strong partnerships with clients across diverse sectors, from ASX-50 listed companies to small and medium-sized enterprises. Our products cater to various industries, including healthcare, construction, retail, manufacturing, education, and government councils.
We are the #1 leading provider of procure-to-pay solutions (P2P) across multiple facets of business process automation, ensuring that we deliver scalable, efficient, and innovative solutions tailored to meet the unique needs of each organisation.
Improved Effficiency & Accuracy
With RapidAP Automation, you can save resources and make the entire process more efficient and accurate. Use this AI-based smart AP Automation Solution to:
- Reduce manual data entry by 92%
- Increase data accuracy to 100%
- Reduce invoice processing time to 3 days
Reduced Costs
Automate your Accounts Payable with RapidAP and save money and time. RapidAP can help you to
- Reduce invoice processing cost by 82%
- Reduce the average time to pay an invoice by 50%
- Improve vendor discount capture rate by 16%
Centralised Solution
Our Accounts Payable Automation Solution RapidAP is compatible with over 98% of the ERPs present in the market. Integrate our solutions within your ERP and centralise your process to:
- Gain full visibility and control of your data
- Achieve scalability
- Maintain data integrity
Enhanced Productivity
With RapidAP, you can help improve employee productivity and job satisfaction. Automate your Accounts Payable to:
- Eliminate repetitive work
- Save around $25,000 in employee costs
- Help employees do more meaningful work
Request a Demo
We’re here to guide you toward streamlined operations and better outcomes. Take your first step toward transforming your accounts payable processes with Rapid Accounts Payable (RapidAP). Request a free, no-obligation demo today.
