Accounts payable (AP) automation is used to eliminate manual and repetitive tasks in the end-to-end AP process. Automation helps businesses to receive invoices and process payments — all from a single dashboard.
Switching from paper to e-invoices offers significant cost savings. Contrary to the argument of automation replacing humans, AP automation can free accounting teams from repetitive tasks, and enable them to utilize their time on more strategic tasks.
In this blog, we will examine how Mynd’s AP automation solution (APx) helps businesses to:
- Lower operations costs
- Improve turnaround time
- Observe 100% compliance
Traditional vs Mynd’s APx Approach
Traditional Approach
An accounts team member receives the invoice via post or email or vendor portal. She has to carefully check the invoice and validate the data according to the established business rules or checklists. If the invoice is eligible, she approves it. Then she has to manually post the data in the ERP.
If she rejects the invoice and sends it back to the vendor. She has to repeat the above steps after receiving a revised invoice from the vendor.
During the above process, she can focus on a single invoice at a given time. There is a high probability of error if she expedites the process.
The volume of invoices that a large business deals with regularly is astounding. They can’t simply afford to spend so much time on each invoice.
Mynd’s APx Approach
The MyndAPx automation solution accepts invoices through API, identifies the document and extracts the data, then validates the invoice against business rules.
After a successful verification, MyndAPx posts the invoice in ERP.
In case there is any discrepancy, the invoice is flagged for the AP team’s review.
From the onset, MyndAPx minimizes the time and costs associated with receiving invoices. Automation simplifies the invoicing process and makes it scalable for evolving business needs.
Benefits of using MyndAPx in day-to-day operations
Time Savings:-
Using accounts payable automation reduces the time spent on processing an invoice — from receiving to payment. The invoices are processed according to business rules. Mynd’s APx ensures that your team doesn’t waste precious time manually keying information in the ERP software.
Accurate Invoice to Payment:-
Most of the invoices are received from the vendor portal or email or scanned copy, then extracted and forwarded for payment by MyndAPx. This eliminates the scope of human error and the requirement for additional oversight in the process. Duplicate invoices are flagged and there is no chance of overpayment.
Cost Savings:-
Accounts payable automation software helps to save costs stemming from manual data entry, invoice matching, physical storage, and postage of invoices. AP invoicing software alerts your team of any due payments, thereby safeguarding your company from late payment penalties and soured relations with vendors.
Live Dashboard and Real-Time Analytics:
Business leaders get real-time visibility on what is owed by the company. Instead of going through a cabinet full of files, stakeholders can utilize the dashboard to retrieve specific reports and take actions with surgical accuracy to resolve an issue.
Automation leaves an electronic trail that is useful for compliance. Electronic trail helps in AP fraud detection.
This Analytics feature can also be used during performance appraisals. The system stores all the data, which can be retrieved to assess the KPI of the AP team.
Collaboration:
Your team can collaborate on the invoice in real time. Several people can scrutiny a particular invoice, raise questions, request changes or defer payment; within a few clicks.
Talent can focus on Strategic tasks:
With the elimination of manual tasks — data entry, proofing, and posting invoices; AP team can focus on revenue-generating tasks.
Overall Insight on AP Process:
You can access any invoice within a few clicks. Information such as invoice status, employee productivity, payment due date, and so on; is available seamlessly. Automation brings a level of control that is impossible to achieve with paper invoices.
MyndAPx comes with an inbuilt tech stack to allow better information flow and verification. Some of its components are:
- Intelligent OCR that uses proprietary algorithms for better data extraction from digital and scanned documents
- Natural Language Processing (NLP) allows seamless analysis of unstructured data
- API / RPA-based integration for interoperability with third-party apps
Mynd offers end-to-end accounts payable automation solutions for different industries. For the last two decades, we have created solutions like MyndAPx to cater to our diverse clientele.
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