Greater Productivity
Invoices shouldn’t have to sit on a desk or in an email inbox waiting for approval. With accounts payable automation, invoices can be processed promptly, streamlining the entire approval process. This means that you can pay your suppliers on time.
Reduce Costs
Streamlining your accounts payable process eliminates the expense of manually processing your invoices. Accounts payable automation software can process invoices quickly, so your teams won’t have to spend as much time handling documents.
With the right solutions in place, you can also reduce the threat of late fees from unpaid invoices and take advantage of discounts.
Improve Accuracy
Removing the human element from your accounts payable process will result in fewer errors. Automation software pairs your invoices with your purchase orders and receivers, resulting in a more efficient procurement process.
Invoices Can Be Routed for Approval or Exception Handling
The accounts payable automation process does not eliminate the need for routing invoices for approval or handling exceptions. However, it can create workflows that automate the routing of certain invoices for further review based upon the discrepancies found between the purchase order, goods received and the final invoice.
Better Knowledge and Control
It’s crucial to understand the financial health of your business. The best accounts payable automation tools allow you to monitor the promptness of vendor payments and discounts that can be taken, evaluate worker productivity, and identify any problem areas so that you can always operate at peak performance.
Access Data Anywhere
Thanks to cloud-based software solutions, users can access their information from anywhere in the world. Users can find real-time data on the go and exert full control over their company, even when they’re away from the office.
Seamlessly Integrate with Existing Tools
Most organizations already rely on a small handful of software solutions for accounting and financial management. Automating your accounts payable processes doesn’t just mean adding another program to your collection. Instead, automated workflow software can integrate with your existing Enterprise Resource Planning (ERP) solutions to fill gaps in your current process and streamline the entire procurement to pay process.
Our Accounts Payable Automation Software Solutions
SMRTR offers two distinct accounts payable software solutions: Readsoft Online (RSO) and Kofax AP Agility.
Readsoft Online
Readsoft Online is our most affordable cloud-based solution, designed to help you process purchase orders and expense invoices as well as credits. RSO can help you match invoices and purchase orders, thanks to advanced two- and three-way matching protocols. This solution provides a robust ability to coordinate steps in your procurement process.
What can this accounts payable automation software do for your business? RSO allows you to:
- Automate the ingestion of invoices
- Handle most invoice formats
- Eliminate errors and manual tasks
- Manage users using simple role-based solutions
- Support different buying groups for general ledger (GL) coding
- Provide powerful workplace analytics and reporting
- Implement and administer the software simply and easily
- Access data anywhere using a cloud-based platform
Best of all, RSO integrates with your existing ERP software or accounting tools, providing a seamless process from the moment that you receive an invoice to the time that payment is made.
Kofax AP Agility
Kofax AP Agility provides a more advanced solution for organizations that demand a greater degree of flexibility. AP Agility includes embedded artificial intelligence (AI) that can automatically recognize, identify, and extract data from your invoices.
Companies can develop custom workflows and forms so that employees can access all of the necessary information from within the program, rather than leaving the application to track down individual pieces of data.
AP Agility allows your company to do the following:
- Automate the ingestion of invoices
- Process any invoice format
- Eliminate errors and manual tasks
- Manage users using simple role-based solutions
- Provide support across multiple organizations
- Provide general ledger coding
- Create customized workflows
- Analyze company workload
- Analyze suppliers and businesses
- Deploy the program on-site, in a datacenter, or in the cloud
- Integrate with existing accounts payable, accounting, and ERP systems
AP Agility also provides users with insight regarding invoice processing time, the performance of their suppliers, and the amount that the business spends for specific items on a regular basis to better manage and set budgets.
All of this data is available at the touch of a button, providing detailed views on processing times, outstanding invoices, and company workloads. This data can help your company improve your procurement and accounts payable process, all while improving efficiency across your entire organization.
Understanding the Accounts Payable Automation Process
How does the automation process work? All of SMRTR’s accounts payable automation tools perform a core set of functions. These powerful tools can:
- Electronically ingest vendor invoices
- Process electronic and EDI invoices
- Match invoices to purchase orders and received goods
- Search for purchase orders and receiving information
- Route invoices for approval or exceptions
- Store data for audits, analytics, or review
Best of all, the data obtained and stored by these advanced solutions can be accessed from any location, thanks to the secure cloud-based platform. This means that authorized personnel can enjoy an unprecedented level of control over their company, even while they are on the go.
Stay Smart. Stay Connected.
At SMRTR, we’re committed to helping businesses reach their full potential with a wide array of innovative tools and resources. If you’re interested in learning more about our products and services, call our office today at 1-800-231-5280 or email us at info@smrtrcms.com.
We’d also love to stay in touch through social media. Our links are located at the bottom of our webpage. You can like us on Facebook, or follow us on Twitter and LinkedIn. We’re looking forward to helping you grow and scale your business with our powerful tools!
