AP Automation solutions

Our AP automation solutions help you automate invoice capture, invoice matching, and approval workflows, creating a fully digitized process, eliminating manual repetitive errors, and cutting invoice processing time in half. Here we’ll deep dive into our different automated accounts payable solutions, explain how they work and how they will benefit your workflows.

Palette’s automated accounts payable solutions

Invoice data capture

Utilizing AI and capture automation, our AP automation solutions intuitively extract data from both paper and digital invoices, with a 95% accuracy rate for paper invoices, and a 100% accuracy rate for electronic formats. 

Manual data entry becomes a thing of the past, where manual errors and missed invoices are eliminated. The invoice data capture process in our AP software solutions looks as follows:

  1. OCR and extraction
  2. Document classification
  3. Data validation and quality control
  4. Reporting and analysis

 

Invoice scanning with Palette Sofftware

“With our contracts being matched to vendor invoices for over 300 locations, Palette has reduced our manual workload and really optimized our AP operations.”
Carrie Self – CPA at Tacala

AP Automation Solutions: Approval workflow

Approval Workflow

Human error is one of the biggest challenges of running a company. Our automated accounts payable solutions isolate the human factor from the equation, eliminating paper and other manual-based processes that slow down the invoice approval process and are prone to human error. We streamline the entirety of your invoice approval workflow of both PO- and non-PO invoices, enabling you to automatically direct invoices to the designated approver. Once the invoices have been processed and approved, they are forwarded to your ERP for payment. Our AP software solutions introduce the following functionalities for your approval workflow:

  • Automatic notifications and reminders
  • Drag and drop functionality for ad hoc re-routing
  • Visibility into payment/approval status of invoices
  • Email approvals with one-click functionality in mobile
  • Approvers get a complete package to review including invoice, PO, goods receipt, and messages

 

3 way PO matching

PO matching requires a substantial amount of manual effort, especially if the invoiced items need to be matched at the line level. Once an invoice has entered your ERP, it is assigned as either a “match”- or “no-match”-status. If there are any discrepancies between the goods receipt and the invoice, the invoice cannot be processed. In such cases, the transaction usually has to be canceled, and the worker will have to perform time-consuming manual work to clear the exception. Often at times, this involves the purchaser, the receiver, and sometimes even the vendor.

Palette’s AP automation solutions include intelligent 3 way PO matching, where the invoice is automatically verified in a fully touchless process against both its corresponding PO and goods/delivery receipt. It eliminates manual searching and matching and considering POs and invoices can have hundreds of lines, the result is major time saves and allowing your staff to spend their time on more high-value tasks.

 

Invoice scanning with Palette Sofftware

The AP process with Palette

AP Automation Solutions │ Palette Software
  1. Data is captured from electronic and paper invoices using artificial intelligence and capture automation.
  2. The invoices get visible in the AP view in our system where they are automatically assigned a proposal for account posting and the approval workflow for each invoice based on your settings and preferences.
  3. The vendor invoices are matched to internal or external purchase orders and goods receipts where only PO invoices with a variance are sent out into the digital approval workflow. 
  4. The appropriate approver gets a notification by email that an invoice that needs their approval has been received. All invoice data is presented in a single centralized interface where it’s easy to see the routing of each invoice.
  5. Depending on if the information provided is sufficient, the invoice is either approved and sent to the ERP system for payment or rejected in which case the invoice is routed to a rejection workflow, or if there’s no matching trigger, to an exception handler for review.
  6. Fully matched and approved invoices are transferred to your ERP for payment ㅡ via seamless integration.
  7. When the invoice has been paid, payment information from the ERP is forwarded back to Palette’s AP automation software. The invoice is archived and will remain available for future searches, reports, and upcoming audits.

Archive and Audit

Once payment has been made, the payment information from your ERP system is transferred back to Palette’s AP automation solution into a fully searchable archive. The supplier invoices and the log is fully searchable, where you have access to a complete time-stamped archive of all invoices with full visibility into approvals and approval messages.

 

AP Automation Solutions - Archive and Audit

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