HOW ACCOUNTS PAYABLE AUTOMATION WORKS
Manual AP processes restrict your ability to respond to vendors quickly and accurately leading to long cycle times, higher Invoice processing costs, lack of control, and ultimately, unhappy vendors.
WAVE's AP Automation Solutions streamline accounts payable processing end-to-end, from invoice ingestion to submission of a completed transaction to any ERP system, such as SAP, Netsuite, Microsoft Dynamics, or Oracle, for payment. Accounts Payable Automation can be delivered as an on premise or cloud based solution. Built on best of breed technology selected by WAVE based on business requirements, Accounts Payable Process Automation delivers:
Advanced capture process ingests and resolves multiple invoice sources. OCR (optical character recognition) immediately finds and extracts data such as PO number, invoice date, total amounts, line item data and more. Line item extraction of invoice data eliminates the error and time associated with data entry.
Invoice processor quickly identifies and validates exceptions, automatically matches to POs, and routes invoice through approval process. Invoices can be approved from your desktop or your mobile device.
Universally integrates to any ERP system including SAP, Oracle, NetSuite and/or a customized portal.
Web-based business process automation with real-time reports and dashboards for analytical and operational visibility into every step of the process. It optimizes your Accounts Payable Process to save time and money, by increasing throughput and visibility.
Allows suppliers to check the status of their invoices, enter invoices directly into the system, view purchase orders and "flip" them into invoices, communicate by adding attachments and notes to an existing system, and enter/manage their master data.
Enables internal operations to reduce supplier inquiries, improve supplier relations, reduce the number of invoice matching issues, and reduce overall processing time.
See how WAVE's Accounts Payable Automation solutions can help your organization reduce invoice processing time.
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AP AUTOMATION BENEFITS
Reduce costs by eliminating paper handling, data entry, and manual processing of invoices.
Avoid late payments and missed discounts.
Improve your compliance with policies and regulations.
Get better control over your cash flow.
Enhance vendor relations with a self-service supplier portal
Over 90% Automated AP operations, 3x cost savings over legacy approaches AND up to 2% savings on annual spend
According to PayStream Advisors, the average fully-loaded cost of an invoice is over $40 when that invoice is processed manually.
“Quicker approval of invoices” is routinely cited by companies as the top benefit of automated workflow, followed by cost.
In fact, the impact of data capture and workflow on the efficiencies of AP can improve processing times as much as 81% and decrease costs by 92%.