How Accounts Payable Automation Can Transform Your Business Operations

As a business owner, you know how difficult it is to manage your company’s finances, especially when it comes to invoicing and payments. Every day, new data comes in; and you’re inundated with endless paperwork. Right now, you’re probably wondering if there’s a better way to track and record all of your business transactions.

Every organization, regardless of size, is aware of the inefficiency and painful nature of processing and paying bills for goods and services received. The time and cost to receive, arrange, enter, and process accounts payable data and then record and archive the resulting paper trail is a seemingly endless and time-consuming burden.

So why should you bear this unwanted load when you can break free of paperwork and go paperless?

At Formitize, we are constantly trying to help make your business bigger and greater with our paperless app. We’re constantly creating and adding new features that make your life so much easier. One of these features is Accounts Payable Automation – designed to help you manage your accounts payable data easily and paper-free.

What is Accounts Payable Automation?

Accounts Payable Automation is a sector that benefits enormously through the application of smart Optical Character Recognition (OCR).

How It Works

The Formitize Accounts Payable Automation solution includes computer vision to intelligently scan and electronically read data from the original documents. It also utilizes artificial intelligence to understand and query the information collected, such as managing multiple line items, tax discrepancies, and calculation errors. Plus, it uses pattern recognition to remember existing supplier layouts and rules.

Workflow Automation then provides the final element. For example, an invoice received from an approved supplier (if under an authorized amount), can be automatically received, scanned, and processed. Once it is approved for payment, you can integrate the invoice into your existing accounting software (such as Xero) and electronically archived with complete automation.

The combination of Formitize Inbound OCR options with the other integrated paperless solutions such as mobile forms, jobs, and document management provides a world class end-to-end business automation solution that is transforming business operations globally.