Automate you Accounts Payable Process with Masters India Account Payable Solution

What Is Accounts Payable Automation?

Accounts Payable Automation or AP automation, is the way through which the accounts payable - or trade payables - process is handled by accounts payable software instead of manually.

Accounts Payable Process has been a tedious for AP department to handle before automation, because everything need to be done manually for example manual invoice approval, matching of invoices and invoice entry etc. but now Accounts Payable automation has revolutionized the way businesses process and pay their invoices.

Payment automation solutions will streamline all AP payments in a single solution. This solution is to Overcome the inefficiencies comes in manual Ap payments. Because payments are th par of accounts payable process and will Maximize efficiency of ap team , reduce fraud risk and help in AP spend and B2C payments process.

Automate accounts payable is important still raise a question infront of business, will provide some out put because automated accounts payable software are present in the market. But will tose solution will automate accounts as per requirements.

Key Point: To extract data from PDF and images using machine learning and artificial intelligence, use optical recognition character or invoice OCR software. For accounts payment operations, automating invoice processing will save time and lower the cost of manual data entry.Check out now

What Are the AP Automation Benefits?

AP automation delivers greater efficiency and effectiveness by reducing the manual part or by minimizing the human intervention in AP process into a more simple form and give desired outcomes, improve productivity, reduce cost, save time, helps in better decision making. Ap automation benefits are listed below understand them one by one.

1. Time Saving - By reducing time in invoice approval and by automating the data entry part of invoice.
2. Improve the productivity and efficiency or AP & finance department.
3. By automating the mathing part of PO, Invoice & GRN.
4. On time payments - due to minimization of manual part now the large volume of invoice is handled easily payment automation solutions helps companies to do the payment on time.
5. Communication and visibility to supplier - Supplier can track the invoices and receive the notification once payment is done.
6. Improved working capital management.
7. Provides visibility of spent.
8. Reduce risk of fraud alert the duplicate invoice.
9. Proper Management of Invoice PO.
10. Reduce Invoice processing costs.
11. Improved accuracy - in terms of payment and working on all process.
12. Approval workflow can be automate with accounts payable approval software.

Key Point: You can contact us at any time with your GST-related questions, and we would be pleased to assist you with our most recent GST software and other products.View it now

How Does AP Automation Work?

AP automation work in Accounts payable process is implemented step by step. Before adding the automation part you have to first analyze what is the actual problem accounts payable process have and hampering the productivity or causing delay in payments and which solution of accounts payable automation will automate accounts in best way.

For example. A business or enterprise have a large amount of invoice volume, and those invoices are multi-page pdf files, which cause problem in invoice processing. a data extraction automation is required, like Invoice ocr solution which automatically extract the data from large invoice files and can handle multiple invoices at a time.

Accounts payable software for large business provide the greater ROI in comparison to smaller business, because big business have volumes of supplier or invoice in comparison to small businesses. But accounts payable automation for small business will be helpful in sutomating and maintaining the record of all business transactions and help them in decision making and in achieving better growth.

How to Select an Accounts Payable Automation Software?

Many AP automation companies exist into the market. Before purchasing the Accounts Payable Process Automation to automate accounts payable or trade payable process, you should follow the below steps.

1. Look for Account Payable Automation software provide by AP automation companies.
2. Analyze them which will fit in you need.
3. Schedule a demo of AP software.
4. Try to do POC of Account Payable Automation software if required to get the confidence into it.
5. Finalize once you are confident that this Account Payable Automation solution will automate your AP process.

Why Masters India AP Automation?

Masters India AP automation software is cloud based solution furnished with all modules that are required to automate the AP process. optical character recognition (OCR) technology which through Artificial intelligence (AI) and Machine learning (MI) is successful to automate data entry of invoices.

What are Masters India AP Automation Capabilities

Below list will explain the AP AUTOMATION CAPABILITIES and why masters india AP automation solution will be best accounts payable automation software for your AP process.

• Vendor management - Communication with your Vendors & all vendor documents such as contracts, annexures, quality and tax certificates, Products images in one place.
• Invoice Automation - Invoice automation Software will helps in Matching of ap invoice with PO, and GRN, further in eliminating duplication and mismatching of invoices. You can Receive invoice over email Box & Process them fast for payment.
• Streamline your Purchase order Po and invoices - Now your vendors easily view and accept the PO, and create ap Invoices.
• 2way & 3-way matching with respect to PO, Invoice and GRN.
• AP automation workflow contain the Approval Workflow through which you can defined the Checks on the approval of invoice & PR.
• Payment automation solutions also helps you on the timely payment to the vendor invoices & notify about the due date of the vendor payment.