Simplify your AP processes with APAY Invoice Processing
Simplify your AP processes with APAY Invoice Processing Overview
Features
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Process Documents from any Source: Email, MFD/Scanner, EDI and Peppol e-invoices
Advanced OCR Technology to Extract Invoice Data: APAY uses OCR Invoice Processing, Machine Learning capabilities and algorithms to locate required data and invoice header information. The system can handle and process all images or documents.
Fraud Detection Engine: The Fraud Detection Engine is one of the core modules in the APAY solution that applies industry best practices to detect and flag suspicious invoices. The FDE module performs all necessary due diligence checks for each invoice, saving time and potential losses.
Business Rules Engine: With the inbuilt Business Rules Engine, the APAY solution ensures that all processed invoices have their data extracted in the correct format and satisfy various compliance requirements.
Automatic and Manual GL Coding: APAY’s GL coding process can be automated using supplier data or conducted by the Accounts Payable (AP) team, offering exceptional assistance in managing complex invoices. Users can opt to duplicate cost allocations and split them by percentage, count, or invoice amount, tailored to specific business cases. For each cost allocation, users can also establish tax codes, simplifying the management of taxes and ensuring compliance with regulations.
Delegation of Authority based Approval: APAY facilitates the setup of approval routing or the use of delegation of authority within the business, streamlining the approval process and ensuring that all relevant managers and teams are kept updated with consistent information.
Two-way and Three-way Matching: Through the use of PO Matching, APAY can reconcile invoices with the corresponding purchase orders, employing 3-way matching principles and setting tolerance levels. During this procedure, the system verifies the associated Purchase Order and Receipt data, including line items, quantity, and price. The status of the matching process is constantly updated, enabling businesses to monitor detailed and accurate information for each invoice.
Integrate with any ERP and ECM: APAY can connect with all ERP and Business Application, ensuring all matched or approved invoice are exported to the ERP for payment processing. Some of the notable ones are listed below:
- Microsoft (Dynamics 365, Dynamics AX)
- Oracle (Netsuite, E-Business Suite, Peoplesoft)
- SAP S4/HANA
- CIVICA Authority
- TechnologyOne Financials
- Approval Plus
End-to-End audit trail: APAY can generate audit information for each document. The system will track activities whenever someone gets involved in the process, allowing businesses to review the end-to-end audit trail.
Benefits
Key Highlights
- 87% reduction on invoicing costs
- 25% faster invoice processing cycle
- 57% lower exception rates
Digital Transformation: Reduce the time and errors inherent in a manual invoice processing system. Transform AP into a function that delivers value back to your enterprise.
Enhanced Visibility: AP automation software provides a clear window to your payment cycle with comprehensive dashboards. It's easy to see where an invoice is sitting and who to contact in case of delays. Moreover, the AP team can easily track and monitor the progress and status of invoices, reducing delays in processing and approvals.
Reduction in Error Rates: Errors are dramatically reduced, leading to financial and resources savings by eliminating the cost associated with correcting manual errors. The APAY solution ensures that all processed invoices have their data extracted in the correct format and satisfy various compliance requirements. LESS RISK: AP automation provides configurable business rules and workflow approvals that reduce the manual tasks that can open the doors to fraudulent activity. APAY solution applies industry best practices to detect and flag suspicious invoices, performing all necessary due diligence checks for each invoice, saving time and potential losses.
Machine Learning: Our invoice processing solution uses machine learning capabilities to recognise existing supplier invoice formats and learn new formats to improve extraction results as you start processing invoices.
e-Invoice Enabled: APAY is a Peppol e-invoice enabled solution that allows our customers to receive e-invoices and run them through the Business Rules Engine before entering the system.
Manageable Change: AP automation can easily integrate with your company's ERP, databases, and major financial systems and be remotely deployed in a few short weeks. It’s easy for AP process owners to administer and modify.
More Time to Focus: APAY’s higher straight-through processing rates enable staff to focus more on strategic initiatives and reduce the need to hire more people.
Technical Details
Inputs
- Integration with Document Source (Email Mailbox)
- Integration with ERP (Supplier, Purchase Order, Goods Receipt, Invoice)
- Integration with ECM (optional)
Outputs
Processed invoice image and extracted data are sent to ERP, fully-matched or approved, ready for payment.
