<a href='https://www.freepik.com/photos/pay-bills'>Pay bills photo created by rawpixel.com - www.freepik.com</a>The Problem

In an increasingly digital driven world – manual data entry processes, compounded by incompetent Accounts Payable (AP) systems, has fast become a pain point for countless organisations worldwide.

Although the full ‘Procure-to-Pay’ process involves many different elements than only Accounts Payable, AP remains crucial.

Unnecessary errors and inefficiencies due to manual processes and ineffective AP systems have a negative impact on a company’s bottom line. It wastes time and valuable resources. Such errors and omissions can include duplicate invoices, and unmatched purchase orders, amongst others.

Another key consideration is the impact that ineffective AP processes can have on supplier relationships. A strong supplier network is an important component of many organisations. So often, businesses rely on suppliers and trade partners to help execute their operations. They also depend on their supplier network for much-needed goods and/or services.

The Accounts Payable Process

Across organisations, the AP process follows a certain sequence. It includes capturing received invoices, assigning to the relevant cost centre, matching against relevant purchase orders, approval, and then payment.

The beauty of Accounts Payable Automation sees this entire process automated. It results in a faster, more accurate, easier, and more seamless operation.

The Solution

Simply put, Accounts Payable Automation (APIA) is the automation of an organisation’s entire inbound invoice process. This is irrespective of the number of invoices or financial transaction volumes.

How does it work? APIA extracts the relevant data from the invoice in question and maps it into the ERP system of choice. Such data includes purchase amounts, quantities, vendor names and other data. Said invoices are then sent to the necessary parties for review, approval, and sign-off.

APIA removes the propensity for human error. It eliminates unnecessary backlogs and optimises a company’s DPO (days payable outstanding). Every single invoice is guaranteed to be delivered and managed on time. It builds trust and increases supplier confidence, leading to an effective, efficient and seamless Accounts Payable process that is more cost-effective and with quicker turnaround times.

The ability to integrate into the existing ERP and/or accounting systems brings access to real-time, accurate and holistic financial data. It is key to providing business owners and management with the view necessary to make timely and informed decisions.

Getting it Right!

The right technology is key.

Your chosen APIA solution needs to allow for:

  • Seamless integration with your existing Accounts Payable process.
  • Improved inbound invoice traceability and auditability.
  • Security and performance compatibility.
  • Easy addition of workflows to your current AP process and
  • Easy connection for your suppliers to submit their invoices and follow their status.

It is important to note that, whilst many companies still use OCR (optical character recognition) to capture inbound invoice data, this technology has consistently shown a lack of accuracy.

The right solution can also help further strengthen supplier relationships through supplier ease of use. Your chosen solution should provide your suppliers with multiple ways to submit their respective invoices in the preferred format.

Further, it should not require any changes to existing Accounts Payable technology or processes. The use of SaaS (Software as a Service) technologies, together with certified ERP connectors and API (Application Programming Interface – a software intermediary that allows two applications to talk to each other), makes it possible to integrate directly into existing Accounts Payable processes, delivering inbound invoices directly into your APIA system.

Security is Key!

Login authentication and document encryption to secure business document interchanges are essential. As essential is that every action taken on an inbound invoice must be registered and stored to ensure full traceability. It paves the way for an audit trail.

Every inbound invoice, whether valid or invalid, comes complete with embedded metadata. This data can be used within an Accounts Payable workflow. It can also be sent back to your ERP or business system, where your employees can easily find important information.

Automation and the digitisation of business processes are increasingly gaining traction as organisations seek to improve efficiencies.

Accounts Payable is no different. In fact, APIA can often be the catalyst for the further entrenchment of digital processes within an organisation’s entirety. It provides one’s Accounts Payable resources with increased capacity to focus on high-value activities. This is due to efficient and effective automated processes. Critically, it guarantees complete Accounts Payable data integrity and improves transparency for better supplier engagement and management.

Contact Symtrax to discuss the automation of your vital Accounts Payable function, the freeing up of vital resources, stronger supplier relationships and an overall improvement in business efficiencies.

symtraxAt Symtrax, we help businesses accelerate its transition towards the digital future it envisions and needs!

We realise that digital transformation is about so much more than simply upgrading a single piece of technology for one process. The combined effort of multiple technologies able to work together, albeit on disparate systems, is what truly contributes towards effective (and holistic) digital transformation. And it is here where the value, and the sweet spot, lies.

Our collaborative approach allows organisations to harvest the most out of its resources, improving efficiencies without comprising security. Using automation, our document management services help to reduce manual dependences – making data management easier (cloud and on-premises).

Further, our direct integration with ERPs (API-based) ensures a direct communication channel with the system, delivering automated data conversion that allows you to toggle between the data formats best suited to your business processes.

Our solution is powered with RPA capabilities and an integrated modern EDI solution for standard-specific document transmission.

As your business grows, scale your initiatives to match your changing requirements – maximising the value of digital document transformation.


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