What is the Best Way for Accounts Payable Automation?
What is Accounts payable Automation? How businesses can automate their AP workflow. Role of OCR into AP Process.
What is Accounts Payable Process
Accounts Payable is Process, which Involves the purchasing of raw material or service from supplier to its payment and Settlement.
- Purchase requisition — Requirement of Goods or Service
- Release Purchase Order — Purchase
- GRN/SRN — Goods or service Received.
- Invoices — Record
- Payment of goods of service received.
- Credit/Debit Note — Settlement, in case of any loss like damage of goods
Why there is Need for Automation in Accounts Payable
Challenges In Manual Accounts Payable Process -
- Manual entry of Invoices data — which ultimately creates delay in entry of goods.
- Long Queue outside the business units get of transporters.
- No Standard Template — meaning every supplier has their own template.
- Unstructured data — no proper formatting
- Calculation Check
- Hard copy of Invoices
- Duplicity of Invoices
- Loss of invoices
- Invoices Routing for Approval.
- Communication with the Vendor related to invoices.
- Vendor Follow Ups
- Invoice Approval
Above challenges are the driver of High cost, delay in payments, effort and therefore Increases the manpower use in data entry. Due to these reasons Accounts Payable departments of most companies struggle with high usage of paper & manpower, transaction costs etc.
What is Accounts Payable Automation
Instead of completing the Accounts Payable Process manually a company adopt the Intelligent tools or software at the different stages, so the task could be handled via software thus saving time, cost and Effort.
How to automate Ap Process
Enterprises can automate their AP process by adopting the solution that will cater their needs. To Implement the solution a business Should first do an evaluation of the whole process, then based on the pain points it can prioritize the automation implementation. Then look for the different types of solution present in the market & out of them which solution will cater their requirements at most.
Several automation tools or solutions present in the market to bring automation in accounts payable. These solutions have flexibility, adaptability, and high configurability of workflows or customization as per requirement and integration that get fit into the Business process easily.
Master India Accounts Payable Automation
Here are some of the features provided in Master India AP software:
- Vendor Portal
- Modules -Purchase requisition/Purchase Order/GRN
- Approval workflow for Purchase requisition & Invoice
- Advance Analytics
- Business Management
- User Management
- Audit Trail
- Dashboard
- Invoicing
- Invoice Payment
- Notification
- Communication with Vendor
- Integration to different ERPs — SAP, Oracle, Tally and other
- OCR software — Automatic data extraction solution from Invoice
- GL Code
- Item master
- Department management
- Credit note/Debit Note
- Inbox to receive Invoices.
- Safe & Secure
Accounts Payable Automation | Product Video | Masters India — YouTube
Role of OCR In AP Automation
OCR can be used to automate the data extraction from Invoices. Masters India Invoice OCR software is powered with Artificial intelligence and machine learning capabilities to extract the data from any type of Invoice either in Image or in Multi page PDF within seconds in Comparision to human take 5 minute to make the entry Invoice. OCR will perform it with in 10 sec. It will work on all type of template. and work on digital & handwritten invoices.
For ERP like SAP, oracle, Microsoft 365, tally, custom ERP or software, user masters India OCR APIs to automate the data extraction.
Top Use Cases
- PR/PO management
- Vendor management
- Access from anywhere
- Automatic Invoice Data Entry
- Invoice Approvals/Matching
- Payment Execution
- Two-way Sync to ERP
Useful for
- Charted accountant
- Startups
- Tech companies
- Enterprises
- Manufacturing companies
Get more detailed info read our Accounts payable blogs on website
