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Automating accounts payable processes adds value while freeing up your team to focus on improving the back office. Here are some of the key benefits of AP automation.
Traditionally, invoices would sit on desks or wait in email inboxes for approval. Automated routing cuts through those delays and streamlines the approval process. Specific rules can be applied to the workflow so the right person automatically receives an invoice at the right time with programmable reminders. Dashboards give users a high-level, real-time view of invoice processing, reducing the amount of time it takes to hunt down a status. Overall, AP automation translates to about 18% fewer days payable outstanding (DPO), according to the Aberdeen Group. That equates to a savings of about 5.55 days on average.
Business process automation saves labour costs and cuts down on hard costs, such as office supplies and postage for interoffice mail. The average monthly cost to process 5,000 invoices manually is $64,500, according to data from APP2P Network. Processing the same number of invoices in an automated operation would cost about $8,850. That’s roughly an 85% savings.
If the financial accounting department works as a shared service center for several companies, an electronic solution such as incoming invoice in SAP is almost indispensable.
The consequences are missed payment deadlines and the loss of discount options. Invoices are lost and cannot be found due to inadequate process transparency and consequence. Also, no better: companies initiate the process for an invoice multiple times and may even pay twice.
TThe incoming invoice process in SAP handles automated reminders of discount periods, payments due, etc. That way, you will never miss another discount period and can avoid default costs.
All invoice documents are archived revision-proof across all processing steps and are always available with a click – legally secure but still easy for the user.
Full support for scanner features Auto Image Rotation, Image Enhancement（remove noise, sharpen, or adjust the contrast） Skipping Blank Pages When Scanning
Vendor e-invoices are received through email Advance payment or urgent payment
TextPro Accounts Payable for SAP Solutions automatically determines all the necessary invoice contents: invoice header with creditor, total amount, invoice date, and all individual invoice items.
Every incoming invoice goes through an extensive verification and rule set which has been tried and tested in many customer projects and, of course, can be adapted to individual customer needs. The rule set checks invoices, for example, for purchase order reference, amount and price deviations, booked or missing goods received, payments already made, or just the supplier name.
The original documents – scanned paper documents or email attachments are then stored revision-proof in an archive connected. Both early archiving with workflow and late archiving are supported. All history data about the document, such as document changes, workflow approvals, etc. are also stored.
Uses built-in reports and data models based on company code, business unit, customer, supplier, exception type, liability and more to turn insights into action.