AP Automation
Accounts Payable Automation (APA) is a key term in the ongoing drive for increased efficiency in organisations’ Finance Depts, but what does it actually mean?
APA is concerned with removing as many of the manual processes traditionally associated with financial transactions and financial documentation as possible and replacing them with a faster and a more efficient Straight Through Process (STP).
STP allows for greater efficiencies, faster turnaround times, lower processing costs and enables companies to begin taking advantage of better supplier terms.
Some of the many problems currently faced by Account Depts. include:
- Manual re-keying of data into software applications
- Physical processing of paper documents
- Walking documents around an office for sign-off and approval
- Manual generation of outbound documents (Invoices, Remittance Advice, Dunning letters, etc)
- Paper based filing systems
- Fragmented processes hindered by disparate and unconnected applications
AP Automation from Bottomline Technologies seek to solve these many issues by looking at them as a whole rather than concentrating on a single symptom, and aims to streamline as many of the manual document processes most organisations still rely on today.
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