Automated Invoice Processing or Accounts Payable (AP) Automation is the process of automating the slow practice of manually typing invoices into your accounting system and speeds it up using software and a scanner or MFP. Scanned and emailed invoices have their data extracted, coded, verified, authorized and inputted into your accounting software saving on average 50% of the time to do it manually. Fully searchable PDF copies can be instantly stored to your file server, or passed on to your workflow or document management system.
Important Numbers for AP Automation
58% Reduce procure-to-pay processing time up to 58% over industry average.
$5.00 With electronic invoice approval, automatic 2 and 3-way matching and routing, cut processing costs by more than $5 per invoice.
35% Eliminate late payment penalties and capture over 35% more early payment discounts.
Smart AP Automation- Anytime, Anywhere, Any Device. Payable to Paid in Just Minutes
With The Polack Corporations Smart AP Automation solution, it’s easier than ever before to capture, process and route your Accounts Payable invoices, reduce your procure-to-pay processing time and increase productivity.
In the cloud or on-premises, from your desk or your deck, you will process invoices faster, at lower costs.
Love Your Software. Love Your Job.
Automatically performs two-way and three-way matching to identify errors
Capture more early payment discounts with better insight
Easily secure approvals from department managers
Secure, global access from any desktop or mobile device
Powerful integration with ERP, accounting and HR systems
Visibility and control – You have all invoice information at yourfingertips: supplier data, amount to bepaid, taxes, line item details, workflowstatus, audit trail and invoice images.
Improve your bottom line – Shrink your workforce, capture early payment discounts, eliminate late paymentpenalties and double payments while being able to make changes and improvements within your business at a much faster rate because of AP Automation.
Make important decisions faster- You have immediate access to all the information you need and every stat you require.
How Does Automated Invoice Processing Work?
Step 1: Scan incoming invoices
Incoming paper invoices are scanned into a network folder from either a multifunctional photocopier or a dedicated high speed scanner. PDF invoices sent by email can be automatically captured too.
Step 2: Automatic Data Extraction
Optical Character Recognition (OCR) and Intelligent Document Recognition (IDR) intelligently extracts the information that you would usually manually type into your accounting system, such as; Invoice number, Date, Vendor, Purchase Order Number, Line Items, terms, taxes and Gross costs. The process also creates a full searchable PDF versions of the invoices, making them easy to find when archived.
Step 3: Coding
To save time the system checks whether the supplier is already in your accounts package and if so retrieves any pre-selected fields, such as default nominal code, which can be manually adjusted if required.
Step 4: Verification
You can choose a fully automatic verification system, which uses smart business rules to determine whether the information from your invoices is accurate. Or an assisted system, which asks the operator to confirm the extracted values by sight. Or a combination of both. Whether ‘eyes on’ or ‘eyes off’, processing speed and accuracy is significantly increased.
Step 5: Workflow and Authorization
A workflow can be used if manual authorization is required for payment. Intelligent routing can determine who the correct signatory is and email them an authorization alert. Authorization can be easily and conveniently made via a secure web browser interface on their PC, tablet or mobile.
Step 6: Export and Storage
Finally, the invoice data is passed through to your accounts system in a CSV to complete the processing of the invoice. Optionally, the fully searchable PDF version of the invoice can be passed through to your file server, ERP, workflow or document management system for archival and later retrieval. Below you see a list of just a few of the more popular ERP systems our AP Automation integrates with.