fbpx

AP Automation

What is AP Automation?

Leveraging the time-saving advantages of any ERP system, AP automation is a tool that enables users, managers, financial controllers, and CFOs alike to ensure accuracy and efficiency in their accounts payable process.

Consider the ability to set an auto reply in one’s email inbox…

The convenience and time effectiveness of this tool allows any individual to ensure they don’t miss a message, and essentially acts as an assistant by replying to every single email in real time. AP automation is that same virtual assistant transported to the accounts payable world.

  • 1) Capture
  • 2) Authorize
  • 3) Pay

Benefits of cloud-based AP automation

Why Use AP Automation?

By shifting away from manual entry tasks! Simplify, optimize, and modernize processes so efforts can be focused on more business-critical matters throughout the day.
Watch the Manual Processes versus Accounts Payable Automation explainer video to learn more!

Other AP Questions?

Accounts payable (AP) refers to what is owed for items purchased on credit. It is considered a short-term debt, or money that a business owes its suppliers. It appears as a liability and shows how much a company owes to its suppliers for products or services that it purchased and received on credit. Accounts payable may also refer to a company department that is in charge of paying invoices. The AP department’s main responsibility is to process and review transactions between the company and its suppliers, verifying invoices against purchase orders (POs), to ensure that goods and services were received before approving, processing, and issuing payment to their suppliers.

The procure-to-pay accounts payable process includes invoice data capture, coding invoices, approving invoices received, 2 and 3-way purchase-order (PO) matching, and posting for payments.

Both accounts payable (AP) and accounts receivable (AR) are important parts of the accounting process. While accounts payable is the amount of money owed to its suppliers, accounts receivable is the amount of money owed to a company from its customers. AP is considered a short-term liability, whereas AR is a current short-term asset.

Many organizations use automation to streamline business processes within their accounts payable departments. While this process is straightforward, it can be cumbersome, especially with organizations that process thousands of invoices per month. In addition, this issue can be compounded by paper invoice use, the loss of invoices, human error, and duplicate invoices.

Get in Touch

Interested in learning more about EZ Cloud? Contact our AP experts today.

contact