Accounts Payable Automation

Accounts Payable Automation Services is generally a process automation technology that is integrated into an account payable process to streamline and optimize a single or entire workflow by removing the manual processes for better financial data visibility and control.

Breaking down Automation in Accounts Payable Automation (AP Automation):

The main purpose of automating the AP function is to eliminate the human intervention and digitalize the workflow so that the human hours can be utilized to make the overall AP process more efficient.

In general, most organizations that attempt to automate accounts payable process would prefer to connect to their existing ERP system and other legacy applications hence a more integrated and agile automation solution is of high priority. We at iOPEX technologies are very much aware of this fundamental necessity and have fabricated solution that suites companies of varying sizes and industries.

The top priorities to automate AP tasks are Invoice approval / Matching, Invoice data entry and Payment Execution. These three tasks vary with the type of supplier invoices that are managed in an organization, for indirect spend, or expense, and invoices the data capture, coding and distribution happens automatically and sent to the respective approver within the organization. But for the direct spend which comes along with the purchase order, the AP automation system will try to match the purchase order to the invoice data and if everything matches then the invoice is sent directly for payment, which becomes the end goal of automation in the accounts payable process. (Touchless transaction)

Choosing the right automation implementation partner:

Accounts payable automation services with iOPEX Technologies: FIWA

iOPEX introduces an Automation driven integrated workflow framework to mimic human actions to provide more bandwidth called FIWA. FIWA drives touchless transactions across multiple enterprise systems and frees up finance and accounting teams to focus on advance forecasting and financial planning activities.

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