Accounts payable workflow automation

Accounts payable workflow automation enables companies and organizations to fully automate and optimize their AP processes, such as invoice processing, communication touchpoints, and approval workflows. Book a demo of Palette’s accounts payable workflow software today.

What is accounts payable workflow software?

The accounts payable process is notorious for being paperwork-heavy, requiring multiple steps and a multitude of stakeholder approvals. Traditional AP processes are usually rife with bottlenecks, lag time, errors, failed handoffs, and inaccurate reporting. If your current accounts payable operations are challenged by complex processes and inefficiencies that hinder business growth, it’s time to consider investing in or upgrading your current accounts payable operations. 

Accounts payable workflow software is, simply put, a system used for financial and accounting processes. It helps automate repetitive manual accounting tasks, streamlines your AP processes, and transform invoice handling into a fully digitized and automated process.

Invoice scanning with Palette Sofftware

“We just didn’t have time to manage all the incoming invoices. But since changing to Palette, we can manage three times the volume of invoices than our previous AP system allowed.”

Invoice scanning with Palette Sofftware

Why you need AP automation

Implementing AP automation might feel intimidating for various reasons, such as lack of knowledge regarding software and resources, staff resistance, or just the general (very common) fear of change. Unfortunately, rejecting AP automation not only hinders business growth and progress but also comes with an increased risk for fraud and reduced profitability. 

Integrating an AP workflow software in your business has become a competitive necessity, reducing the AP department’s workload and streamlining data entry, invoice processing, and approval workflows. It allows AP teams to focus on more important tasks such as exception handling and analysis.

With automated accounts payable processes you can scale the AP department without adding to headcount, eliminate the errors from manual tasks and streamline accounts payable financial operations.

Prevent overpayment & underpayment

Duplicated supplier invoices, changes in suppliers, or purchase order details all risk compromising your payment processes. AP managers want to avoid under or over paying for vendor invoices. AP workflow software checks for these details automatically. Make timely payments and retain trusted vendor and supplier relationships.

Palette’s accounts payable workflow software introduces digitized invoices and purchase orders, automatic PO-matching, flexible approval workflows, and fully automated AP processes on a single platform. With fewer paper invoices and an automated process your accounts payable staff can focus on more high value tasks.

Prevent overpayment with ap automation workflow
Invoice scanning with Palette Sofftware

Reduce the risk of financial fraud

Without adequate data or knowledge of what to look for, AP fraud can be very difficult to detect and prevent. In AFPs 2021 Payments Fraud and Control Survey Report, 74% of the companies surveyed admitted they’d been targets of payment scams. 

These frauds are performed through false billing, fraudulent checks, overpayments, and wrongful manual data entry. These incidences can be prevented through accounts payable workflow automation. Functions such as intelligent data capture, invoice approval workflows, automated PO matching and a time-stamped audit trail reduce the risk of fraudulent activity.

Establish more beneficial vendor relationships

Late or outstanding debts can damage business reputations. Vendors may be less willing to deliver or might terminate their business altogether. Early payments motivate vendors and allow you to capitalize on early-payment discounts.

Accounts payable workflow automation helps you keep track of incoming vendor invoices. Schedule and approve payments in one simple interface.

Improve your vendor relations using AP Automation
Automated AP workflow software will guarantee you better profitability

Ensure profitability

Automated AP workflow software will help deliver higher profitability. Invoices are paid on time and you can take advantage of early payment discounts. Reduce the risk of becoming a victim of financial fraud. An automated system scales with your business needs. Reduce the need for additional AP staff.

What do automated accounts payable look like?

An AP workflow consists of several steps. It starts when you receive an invoice, and ends once the invoice is recorded in the ERP. AP workflow software changes approval processes where steps previously performed manually in a traditional workflow are completely automated.

If you receive invoices in a paper format, the automated AP workflow in Palette looks something like this:

This is an accounts payable software
  • The AP workflow software converts the paper or email invoice into a digital format using OCR technology powered by AI and machine learning. The system extracts all the data and flows it into the Palette central dashboard, with a 95% accuracy data capture rate for scanned paper invoices, and a 100% accuracy rate for electronic invoice formats. 
  • A cascading matching engine matches invoices to purchase orders and goods receipts
  • Based on predetermined rules, the invoice is automatically sent either directly to your ERP system for recording or is flagged and sent to a designated approver for review and reconciliation.
  • The approver gets a complete package to review including the invoice, PO, goods receipt, and employee messages. The approver corrects the information if possible. Otherwise the invoice is electronically routed to managers or supervisors who have the authority to handle the exceptions.
  • Once everything is in order and the invoice has been approved, it’s automatically forwarded to the ERP system for recording and payment.
  • A permanent record of the transaction, including invoice log and time-stamps by activity, is recorded in the invoice log providing a complete audit trail.

Test Palette’s accounts payable workflow software today

With an automated accounts payable workflow, you free up time for higher-value work. Your AP department can focus on exception handling and analysis rather than repetitive manual tasks. Demo Palette’s AP workflow software today and experience the following benefits”

  • Receive invoice data electronically – eliminate manual data entry
  • Have invoice approvals that are automated with 1-click approval in email
  • Invoices and purchase orders are matched by the software
  • Exception handling optimized to reduce cycle times
  • Complete time-stamped invoice log with archive
Palette’s accounts payable workflow software today

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Let us know what problem you are looking to solve.