10 Steps to Complete AP Automation

August 2, 2013 Bhaji Illuminati

steps-to-complete-ap-automationIn a recent Paystream Advisors report, AP Automation Solutions: Platform as a Service – A buyer’s guide to ePayables solutions for SAP, they identified 16 areas that impact the automation of accounts payable processing from the point of receipt to the payment. Here are a few that we think are particularly important:

  1. Invoice Submission - facilitate the exchange of invoices between buyers and suppliers by supporting several methods of supplier submitted invoices including PO flips, blank e-forms, standard templates and direct integration with a buyer's ERP system
  2. Compliant and Secure Storage - capture and maintain both structured and unstructured data within a secure environment that is compliant with all relevant regulatory and industry standards
  3. Invoice Recognition - capture line items and not just header data
  4. Invoice Validation - check every invoice for duplicity and mathematical integrity. In a portal environment, checking invoices against a set of buyer-defined criteria and notifying suppliers to correct any errors before the invoice is accepted and routed
  5. Alerts and Notifications - Notify approvers of invoices pending their review
  6. Payment Processing - seamless initiation, posting and execution of payment, including preperation, processing, and submission of the payment file to the financial institution
  7. ERP Integration - real-time exchange of transactional data between the invoice automation solution and the ERP
  8. Remittance Management -sending the remittance information to suppliers via the portal in a format of the suppliers' choice so that they can easily transfer the remittance advice into their receivables system
  9. Mobile Apps - delivering tasks and supporting documents to a mobile device facilitates approval by executives who travel regularly
  10. Business Intelligence - there is a wealth of information gleaned from the P2P process, which can be used not only to comply with regulatory requirements but also to provide valuable business intelligence for strategic spend analysis

To see the full list download the report here. The report discusses AP automation opportunities, the case for invoice automation, key performance indicators, and cloud vs. on-premise network solutions.

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