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Accounts Payable Automation


Automation will save you time and money.

Have your accounts payable processes become cumbersome and expensive? Depending on how manual your current processes are you could be spending anywhere from $15 to $35 to process each invoice. If cutting costs within your accounts payable department is on your to-do list, consider an outsourcing solution.

We take care of receiving and digitizing your invoices on a daily basis as well as validating and extracting the data for uploading into your ERP or accounting system. You will have access to key metrics and 100% visibility at every step. We can even archive documents for you and help you get your vendors on board using our Vendor Portal.

Let us help you get some of that time and money back through accounts payable automation.


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Improve Accuracy

Problem: Manual processes are slow and prone to errors resulting in incorrect or duplicate payments, increased exceptions and costs.

Solution: Having invoices centralized, validated and uploaded directly to your ERP or accounting system ensures correct information for accurate and timely payments.


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Be More Efficient

Problem: Managing incoming invoices, exceptions and vendors will often overwork and overwhelm your accounts payable department. Many hours are spent each day tracking down invoice approval statuses from internal departments or branch offices.

Solution: Accounts Payable Automation frees staff from mail handling, data entry and exception processing, allowing your employees to focus on more key activities. Your cost per invoice processing goes down and your efficiency goes up.


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Decrease Cycle Times

Problem: Invoice approvals and payments take too long, resulting in missed early payment discounts and unhappy vendors.

Solution: Automation significantly decreases processing times. All data capture and validation is provided as part of a daily processing service. You receive complete and correct invoice data necessary to capture early payment discounts and eliminate late payment fees while improving vendor relationships.


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Gain Visibility

Problem: The accounts payable process and staff have little or no control over incoming invoices; finance needs better visibility and real-time data for outstanding costs.

Solution: True accountability and real-time reporting provides 100% visibility at each step of the process. No more gaps or black holes within the system. Invoice automation allows you immediate accessibility to track and manage all of your invoices in one central location.


Octacom’s AP Automation & Vendor Portal Solution

How much will AP Automation reduce your service calls?
80With a self-serve Vendor Portal customized for you and ready to implement with no software to buy, no licence or maintenance fees. Decrease human intervention for invoice processing by up to 90%.
Average price to process an invoice without automation
22The average Account Payable department cost of processing a single invoice according to Paystream Advisors Study.
Average price to process an invoice with Octacom's AP automation solution

Our pricing is simple; you pay per invoice for the end-to-end completely automated solution, an average savings of 95% in managing your invoices.

How long does it take your company to process an invoice?

89% don't know

Almost 90% of the firms responding to the Accounts Payable Network Automation Survey do not track the length of time to process an invoice or invoice-related inquiries.

 

No More Manual Data Entry
No More Late Payments
No More Lost Invoices
No More Duplicate Payments
No More Complicated Approval Processes

Consider Outsourcing Your Accounts Payable Process

Imagine routing all of your documents to a secure P.O. Box, secure email account or Vendor Portal. From there your files will be collected and sorted, opened, scanned, validated and made available for importing directly into your accounting software.

5 Reasons for Higher Processing Costs:

  1. Human Intervention such as managing incoming invoices, sorting, routing and follow up.
  2. Manual data entry and verification
  3. Slow manual approval process
  4. Exceptions processing
  5. Lost opportunities for early payment discounts

Top 5 Benefits Gained With AP Automation Services:

  1. Up to 90% reduction in human intervention
  2. Significant reduction in overall process time
  3. Improved accuracy with data capture and automated verification processes
  4. Revenue earned from early payment discount opportunities
  5. Real-time visibility to entire Accounts Payable process