Introduction to Accounts Payable Automation
Accounts Payable (AP) automation is an enterprise software that streamlines supplier invoice processing. For almost any organization, independent of size or industry, an AP solution reduces manual touch points and shorten processing time. Other benefits are elimination of human error due to paper processes, increased visibility of the approval process and better control over the full invoice to payment cycle.
With Palette’s standardized Integration to Workday enable a “plug and play” integration experience with minimal configuration.
Invoice capture and processing
Approve invoices on all types of devices, including smartphones to tablets. Why approve at all? Create a regulatory framework for automatic coding and approval of recurring invoices. This frees up time for more productive work that can add value.
- Lower costs by up to 80%
- Save time by automating
- Access from anywhere 24/7
Better control and faster workflows
With digital invoice management, all incoming invoices are collected in one place. The workflow is automated, regardless of the format of the invoice—e-invoice, scanned paper invoice, or e-mailed PDF. It’s easy to search for an invoice, identify its location in the company, and check its status.
Integration to Workday
AP automation software has to seamlessly integrate with an organization’s ERP. Data is passed back and forth between the two systems, and invoices are sent to Workday for payment once they have been approved.
Palette’s solution offers a standardized integration to Workday. Today there are connectors between Palette and some 40 different ERPs and Purchasing systems. New connectors are developed every year.
3 key benefits with Palette for Workday:
Reduces the cost of invoice processing and other outdated manual business processes.
A company’s relationship with suppliers is important. An essential aspect of managing that relationship is the timely payment of accounts. Factors such as human error during data entry, lost and duplicate invoices and the unavoidable slowdowns due to processing are avoidable with this technology in place.
Reduces the risk of fraud by providing visibility into the status, approval, and transactions around supplier invoices.
For companies still committed to paper processes there are many moving parts with all of the paperwork and paper processes. It’s is very difficult to track and it’s prone to abuse.
Reduces the time involved in approval cycles and payment times, reducing late payment penalties as well as taking advantage of early payment discounts.
Issuance of payments can be dragged out for weeks when it’s possible to have payments approved in one or two days. Automating the process increases operational efficiency.
Flexible • Modular • Secure • Compliant
Improved structure for your supplier invoices
Maximize the automation of your invoice management by allowing the system to match invoices with purchase orders or contracts. Direct resources towards exceptions and free up time for higher-value work.
Save time and money for the entire organisation
Make it easier for both managers and employees to manage purchases, invoices, and expenses. Reduce your administration in the finance and purchasing departments.
Increased control and lower costs
When the purchase-to-pay process is automated, it’s easier to purchase the right product from the right supplier and for the right price. Approve the purchase order instead of the invoice and achieve full cost control before the purchase takes place!