5 Ways Automating Your Payables Can Pay Off
If you process a lot of vendor invoices, you know how long it takes to find the information on the document, so you can enter into your accounting software. Let alone, double-checking your input to ensure you haven't mistyped dollar figures that could cost the company money.
AP-Assist, developed by POH, will read your vendor's invoice, look-up the purchase order issued allowing you to compare vendor details such as total amount due, items ordered, unit quantity and price, and then create the payable in your accounting system. Exceptions can be addressed immediately thereby reducing your payables data entry duration and eliminating mistakes.
Here are five ways AP-Assist can help improve processing of your payables:
1. Save Time with Automatic Form Recognition
AP-Assist differentiates Vendor Invoices by recognizing patterns in the layout. If your accounting team has a stack of vendor invoices from multiple vendors, AP-Assist will automatically differentiate each invoice during the scanning process, so there is no need to separate by vendor prior to scanning. If your vendor emails invoices, then AP-Assist can also ingest PDF files.
2. Increase Accuracy with Smart OCR Technology
AP-Assist runs on a highly efficient OCR (Optical Character Recognition) engine. AP-Assist will automatically manipulate each OCR zone during the scanning process to increase the accuracy of each scanned invoice. AP-Assist Dynamic Zones capture values that "float" in the scanning process due to the variable number of line items, such as Total Due Amount. This increases accuracy.
3. Catch Vendor Mistakes by Referring Back to the PO
AP-Assist will find and display the original purchase order side-by-side with the scanned invoice so your accounting team can verify pertinent invoice details and exceptions. If the PO amount or its detail does not match the vendor invoice, it can be held from final processing and emailed to a supervisor for exception handling.
4. Save Money by Never Missing a Payment or a Discount
Need to capture the payment terms of a vendor invoice (net 15/30/60 days) and add it to the Invoice date? AP-Assist's Powerful Expression Builder excels in reading the invoice date and payment terms, and will automatically calculate the due date so your firm can maximize any applicable early payment discounts.
5. Reduce Labor by Importing Results to Accounting
POH can program AP-Assist to integrate with your accounting package such as QuickBooks, Dynamics GP, Eagle, and Sage for payment processing.
Don't care too much for your existing accounting package? Switchover to IECA - IMIGIT™ Enhanced Cloud Accounting system. AP-Assist seamlessly integrates with IECA and attaches the digital invoices with the transactions. If you ever need to do an audit, the archived documents will be an invaluable resource.
