Expedite AP processing, reduce costs, and increase efficiency from invoice receipt through payment.
Manual invoice processing is inefficient and error prone, putting you at risk of lost invoices, late payments, strained vendor relationships and other unnecessary problems.
A recent survey found AP automation makes processing significantly faster and more efficient. Not only did respondents report fewer errors, but organizations also reduced late fees and in less time. Here are some of the other benefits of AP automation:
Process Invoices Faster
Reduce invoice processing time from receipt to payment from up to 45 days to 3 days with workflow automation and business process outsourcing. RPA further reduces processing time to hours.
Reduce Labor Costs
62% of invoice processing time consist of data entry, validation, GL coding, and approval. Outsourcing educes this up to 90%.
Eliminate Costly Errors
Instead of your staff wasting time to fix issues, outsourcing AP can reduce late fees, increase data entry accuracy to 99%, and capture more early payment discounts.
Lower Invoice Processing Costs
Reduce your processing costs from the average $15 per invoice to $3 or less by outsourcing. AP clerks can be repurposed to AR, customer, service, sales and other more value-adding roles.
Gain Real-Time Insight into Cash Flow
Make better informed decisions with real-time access to AP data. 58% of comptrollers report that real-time AP data on invoice aging, cash flow and AP productivity helps them budget accordingly.
Make Invoices Remotely Accessible
Employees can access scanned invoices from anywhere. Our digital mailroom solution with cloud document management ensures your workflows are continuous.
Additional AP Automation Benefits
- Reclaim office space
- Eliminate offsite document storage
- Capture early payment discounts and avoid late payment penalties
- Avoid losing legacy invoices to flood, fire or other disaster
Components of AP Automation
Digital Mailroom
MetaSource can manage and process physical and electronic invoices from a secure, offsite location. Your staff no longer has to receive, open, distribute, process, and pay invoices.
Workflow Automation
Your scanned and electronic invoices are automatically routed throughout your organization with AP automation software for review and approval, processing, payment, and exception handling.
Cloud Document Management
Securely store and access your invoices from anywhere with on-premise or cloud document management software, integrated with your accounting software for 1-click viewing and easier audits.
How Accounts Payable Automation Works
By working with a digital mailroom solution partner, your AP process is expedited, streamlined and automated. Once invoices are received, scanned and data is extracted, your digitized invoices and data are seamlessly uploaded to your accounting software or ERP system for payment or paid without staff intervention with 3-way matching and zero-touch processing.
Integrate with Your Existing ERP & Accounting Software
MetaSource can integrate workflow automation and document management software with your enterprise resource planning (ERP) or accounting software so users can search and retrieve invoices directly from the platform they’re used to working in. We are able to integrate with the following:
- Oracle PeopleSoft
- SAP
- Microsoft Dynamics GP, AX, SL & NAV
- NetSuite
- QuickBooks
- Sage MAS 90, 100, 500 & X3
- Many other systems
This integration makes 3-way matching possible so that you can match the purchase order with the proof of delivery (POD) or receipt with the invoice.
MetaSource AP Automation Case Studies
Denihan
The AP process was streamlined, including improved expense reporting and simplified audit preparation.
EoS Fitness
$120,000 in savings was achieved in the first year by eliminating stop-payment fees and capturing early payment discounts. AP department productivity increased by 25%.
Medical Clinic
Over 30,000 invoices are processed monthly within 24-48 hours with 99% data entry accuracy for a medical clinic.