Accounts Payable Automation
The Only Accounts Payable Automation Solution You Need!
Our Accounts Payable Automation Software RapidAP makes your AP process faster, easier and far more efficient.
Why Automate Invoice Processing?
Manual invoice processing is error-prone, expensive, and inefficient.
Manual invoice processing poses several challenges. It is highly error-prone, leading to discrepancies and potential financial losses. The process is also time-consuming, reducing overall productivity. Additionally, the labor costs associated with manual processing can significantly increase operational expenses. Tracking the status of invoices becomes difficult, often resulting in delayed payments. As businesses grow, manual processing struggles to keep up with the increased volume, creating scalability issues. Furthermore, there is a heightened risk of non-compliance with financial regulations due to errors and inefficiencies.
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
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.
Check our how much you can save with AP Automation
Free Accounts Payable Processing Costs Calculator
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?
AP automation offers numerous benefits, streamlining the invoice processing workflow and reducing errors. By automating repetitive tasks, businesses save time and cut down on labor costs. Improved accuracy and faster processing lead to timely payments and better vendor relationships. Enhanced visibility and tracking capabilities ensure compliance with financial regulations and provide real-time insights into cash flow. Ultimately, AP automation boosts overall efficiency, scalability, and financial control, allowing businesses to focus on strategic growth.
If I already used 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.
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 customisation 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 customised and configured according to their business. RapidAP helps you configure the solution according to your own rules and business logic.
A future-proof Accounts Payable Automation solution with real results!
Why Choose RapidAP?
Touchless Experience
RapidAP’s machine learning and AI capabilities clubbed with the latest OCR technology guarantee a touchless experience for your AP team.
Smother User Adoption
Our user-friendly interface design and rich functionality ensure the highest user adoption rates for any AP automation solution.
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.
Why Choose Efficiency Leaders?
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
Our Solutions Integrate with all the major ERPs
Integrate Our Solutions To Your ERP
Our Solutions Are Used And Trusted By
Get a Step Closer to Simplifying Complexity with Efficiency Leaders’ Solutions!
