AP Automation in the Cloud with invoice processing, mobile approval workflows, complex PO matching, and audit trail.
Eliminate manual data entry, create automated approval workflows for everyone in your organisation who approves purchases, and have Palette’s matching engine automatically match POs.
95%
Accuracy Rate
For Paper
100%
Accuracy Rate For
Electronic Formats
Many companies handle hundreds, sometimes thousands, of invoices a day. It’s not just about collecting the documents and making sure the right person receives them; it’s also about keying the data into the right programs, confirming the data matches, and paying the invoices ASAP to make the most out of early payment discounts.
With accounts payable automation, invoice processing speeds up considerably as well as reduces manual processing, thus minimizing the risk for human error. By letting Palette’s automated accounts payable software handle the administrative work, your employees can instead focus on exception handling and analysis. The result is lower invoice processing costs and faster Accounts Payable workflows.
“Before we deployed Palette, our invoicing system was labor-intensive and time-consuming for our staff. Automated processing has significantly increased our overall efficiency, shortened payment cycles, and helped to improve the manageability of transactions.”
Invoice data capture
By using AI and capture automation, data is intuitively extracted from both paper or emailed invoices. 95% accuracy for paper, 100% for electronic formats. Eliminate manual data entry, manual errors, and missed invoices with our AP automation solutions. The invoice data capture process includes four steps:
Approval workflow
Paper and other manual-based processes slow down the invoice approval process significantly and are prone to human error. Palette’s account payable software integrates with existing accounting systems, streamlining the invoice approval workflow of both PO- and non-PO invoices, making it easier by automatically directing your invoices to the designated approver. Once approved the invoices are forwarded to your ERP for payment. Flag invoices or line items and send them to approvers for review and approval.
3 way PO matching
Palette’s automated accounts payable system matches your vendor invoices to internal or external purchase orders and goods receipts in a fully touchless process. POs and invoices can have hundreds of lines. The software eliminates manual searching and matching, allowing staff to focus on more high-value tasks.
Archive and Audit
The supplier invoice archive and the log is fully searchable. Get access to a complete time-stamped archive of all invoices with full visibility into approvals and approval messages.
Most incoming invoices are received in digital formats by email. While this streamlines an organization’s business process and makes physical storage irrelevant, one challenge remains: How to leverage the data in the invoices? How to access the key invoice data and move it to where it belongs?
The answer to these questions is accounts payable invoice automation software. Each invoice contains key data fields. The data needs to be transferred to the ERP or accounting system.
Invoice capture software, also known as invoice scanning software and invoice recognition software, automates data entry. For electronic formats, Palette’s accounts payable automation software identifies all key data fields in the invoices, extracts the data, and forwards it to your Palette dashboard. For paper formats, intelligent OCR extracts the data from the scanned invoice and sends the data to the intuitive dashboard as well.
With Palette’s AP automation software your organization can:
You can expect the following AP automation benefits when using Palette:
Save time
Manual, slow and repetitive work – checking orders and entering data – is now fully automatic, executed in minutes of receipt.
Fewer errors
Eliminate manual errors and missing invoices.
Digitized documents as default
Going digital provides a plethora of benefits including saving space, easier handling, faster distribution and eco-friendly.
Increased productivity
By eliminating manual, repetitive tasks your teams have more time to spend on higher value work.
Make AP available from anywhere
Paper processes are limited in nature, having to be placed in the right in-tray or filed in the correct cabinet. Digital cloud-based processes can be done from anywhere 24/7.
Autonomy for the whole organization
With Palette’s automated invoice processing solution, these processes become accessible to everyone – not only finance. Setup business rules and roles to capture even the most complex approval processes.
Palette‘s AP automation services are trusted by banks and financial institutions all over the US and Europe. Accreditation in the US includes SOC1, SOC2, HIPAA, GDPR, and PEPPOL.
Palette is a configurable, modules-based solution available on-premise or in the cloud.
What is AP Automation?
AP Automation is an abbreviation of Accounts Payable Automation and refers to the process where supplier invoice processing is automated by software. Typical tasks that are automated include invoice data capture, approval workflow, PO matching or matching against other dimensions (i.e. goods receipt or contract).
What is accounts payable process?
The accounts payable process refers to the reception of supplier invoices, control, approval and/or matching of the invoice against the corresponding purchase order or contract. The last step in the process is payment and accounting of the transaction.
What is ap invoice?
AP invoice is an abbreviation for an invoice sent to the accounts payable function within an organization. The synonym is a supplier invoice.
What is invoice processing in accounts payable?
Invoice processing in accounts payable refers to the different tasks from the reception of a supplier invoice until it’s paid and accounted for in the General Ledger. It typically involves the reception of the invoice, the capture of invoice data, approval and/or matching against a purchase order or contract, payment and accounting.
What is automated invoicing?
Automated invoicing refers the process where an invoice is created by a system, automatically and without manual touch. Very often the same system that creates the invoice will send it to the buyer as well.
What is invoice automation?
Invoice automation refers to the automated processing of supplier invoices. By using software, many manual tasks such as invoice data capture, approval workflow and PO matching can be fully or partly accomplished by the software itself.
Integration with NetSuite
Native tools to ensure that the business rules of your system, data control, and validation are applied to all data communication.
Integration with Dynamics 365
AP Automation for Dynamics 365 Finance and Operations and Dynamics 365 Business Central.
Integration with SAP
AP Automation that integrates with SAP Business One and SAP R/3.
Integration with Workday
With Palette’s standardized Integration to Workday enable a “plug and play” integration experience with minimal configuration.
Let us know what problem are you looking to solve.
Palette Software was founded in 1993 in Stockholm and has offices in the United States and the Nordics. Palette solutions are available through a growing network of partners in some 50 countries in North America, Europe, and Australia.
