Your Accounts Payable Knowledge Center

The Components of Accounts Payable Automation

Accounts payable automation is made up of several different components, including:

  1. Invoice capture: This involves using technology such as OCR to capture data from invoices, eliminating the need for manual data entry.
  2. Invoice validation: Once invoice data has been captured, it needs to be validated to ensure accuracy and completeness.
  3. Invoice approval: Invoices must be approved by the appropriate personnel before payments can be made.
  4. Payment processing: Once invoices have been approved, payments can be made using electronic payment methods such as ACH or wire transfers.
  5. Vendor management: This involves managing vendor relationships, including onboarding, contract management, and performance monitoring.
  6. Reporting and analytics: Data from accounts payable processes can be used to generate reports and analytics, providing insights into spending patterns, vendor relationships, and other important metrics.

By automating each of these components, organizations can streamline their accounts payable processes, reduce errors, and improve efficiency.

Topics: Accounts Payable

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