A different take on complete AP Automation
Time wasted equals money wasted. The efficiency of your AP team’s document processing method can have a massive impact on operations across your business, ultimately affecting your bottom line. In this ebook we investigate the key inefficiencies of document processing. You’ll learn how to identify their causes and effects, which will help you determine how to streamline your AP operation.
PepsiCo: "Rossum made our project economical because their experts took to customizing the platform as needed."
Businesses of all sizes and industries use suppliers to get the materials they need to create the products or services they offer to their customers. In other words, without suppliers or manufacturers, many businesses would not be able to stay on top of the demand for what they offer. Because of this, companies must show their vendors the respect they deserve and ensure that they are always paying them promptly and accurately. After all, these vendors need to stay in business for your company to stay in business.
Ensuring that you have a solid and good relationship with your suppliers can be a good mark of a successful business. As society gets more technologically advanced and people continue the push toward electronic commerce, payments, and more, it is becoming increasingly more important for businesses to look towards adopting software solutions to handle the large quantities of purchase orders, invoices, and payment receipts that they need to make to their suppliers.
While in the past, it may have been enough to sort and store all of this information in filing cabinets and keep physical copies of every single order, in today’s environment, and with the increase of the digital market, it is becoming more and more difficult to do this. Essentially, with all of the preference for digital commerce over traditional shopping methods, it is much more effective for businesses to utilize a software solution to help them manage their accounts payable more effectively and store their information.
This is where accounts payable automation software comes in. Accounts payable automation helps you simplify your AP process and automate many manual processes that take a lot of time and can be prone to errors, such as manual data entry and traditional optical character recognition (OCR) solutions.
Rather than relying on your AP team to manually transfer and record your important data — especially when most payments, invoices, and purchase orders are made electronically — it can be beneficial to use a software solution like Rossum AI. Rossum uses unique computer vision technology to process thousands of invoices in minutes and helps you to reduce your accounting costs.
Why AP Automation
In this world of continually advancing technology and new software solutions to many of the more tedious processes of running a business, it can be hard to determine exactly which software solutions may be worthwhile to your business. After all, at times, these solutions can get expensive, or they can get complicated and take time to implement fully. So, how can your business know if accounts payable automation is one of these solutions you should pursue? In short, AP automation is often a good option to pursue because, as mentioned above, keeping track of accounts payable information and ensuring that you have a solid relationship with your suppliers can be an incredible sign of how your business is fairing. Because of this, an automated AP system can make your AP team into a driver of growth rather than the slow, expensive, and error-prone process that it may be right now.
Accounts payable solutions can come in many forms and offer many different features. Overall though, adopting and implementing a consistent and effective AP automation workflow can help your business not only reduce the amount of time that it takes to process your accounts payable information but also improve the accuracy of that information, reduce the overall cost of your AP process, automate the manual tasks that are preventing your AP team from focusing on more value-added tasks, better share important information across departments and within your AP department, and gather more actionable insights that you can use to keep improving your AP processes.
AP automation can help your business save both time and money and increase your value generation and be better able to share information with anyone who needs access to it — even if they aren’t a part of your team. Additionally, AP automation can help you gain more actionable insights that can help you improve your company than a template-based or manual solution would give you. An accounts payable solution such as Rossum AI utilizes artificial intelligence and unique computer vision technology to help your AP team create a simple, streamlined, and effective AP process that allows you to reduce your manual data entry amount by up to 90% and reduce the overall cost of your accounting processes.
How does AP Automation work
If you are unfamiliar with accounts payable automation — or other automation services in general — it can be extremely intimidating to consider adopting an automation solution like many on the market today. However, automation is not something to fear. There are many different services and software solutions in today’s society that offer automation services for all kinds of tasks — not only accounts payable processing.
As these solutions continue to evolve and rise in popularity, it is becoming increasingly important for businesses to consider automation a viable next step in their systems. After all, if all of the other businesses are using these automation solutions and you are not, you could fall behind your competition. How exactly does automating your accounts payable work?
An AP automation API (application program interface) helps you to more easily and efficiently process your accounts payable documents — such as invoices, payment receipts, and purchase orders — by connecting two applications and letting them communicate with each other to more effectively help you view and manage your information. The idea of automating your accounts payable system can be boiled down to essentially utilizing a solution that allows you to more quickly and more accurately process your AP documents.
Traditional accounts payable processes include manual data entry and traditional OCR solutions, which can be very time-consuming and expensive — not to mention much more prone to errors than an intelligent system. Because of this, many businesses find that using an automated system, especially ones that use advanced invoice OCR API technology, can be much more efficient in the long run. These more advanced systems are much quicker to integrate, and they require less effort as well. In addition to this, most vendors will have integrations with the common systems and offer services to integrate with them, so having an advanced system can also make your relationship with other vendors easier.
A solution like Rossum AI can help your business to eliminate the need for tiresome (and error-prone) tasks such as manual data entry, while also reducing the overall cost of your AP processes and helping you to create a more effective and streamlined AP process workflow that turns your AP team into a driving force in your growth and efficiency.
AP Automation software
Because automation solutions are becoming increasingly more popular in today’s society, there are several solutions available that you can choose from when you are considering adopting an AP automation solution. This large selection of options can be intimidating for many businesses because it can be hard to determine which solution may be the best for them. However, this variety of solutions can also be seen as a good thing because you can have accounts payable software for small business companies and software that specializes in big businesses or middle-market businesses.
With the variety of accounts payable automation solutions available today, it is important that you focus on the kind of features or tools that will best suit and benefit your business. For example, Rossum AI can help your business to more efficiently and accurately process your accounts payable documents while reducing your manual data entry by 90% and greatly reducing the number of errors in your accounts payable process. This solution can do this because it offers intelligent document processing (IDP) services that transform unstructured or semi-structured documents into usable data that your business can easily utilize.
Automated claims processing
One of the biggest draws of automation solutions for the accounts payable process is the reduction of time that it takes to process invoices and other accounts payable documents accurately. After all, if you can reduce the amount of time your AP team needs to spend working on manual tasks, such as data entry, they can spend that time focusing on more value-added tasks. Essentially, with an automated process, you can focus more of your attention on the more important work while not compromising the processing of your important AP information.
With an automated AP process, you can dramatically reduce the number of errors in manual data entry errors, lost or late invoices, invoices that do not have the right purchase order numbers on them, and difficulty retrieving invoice information for reporting purposes. With a solution like Rossum AI, you can help avoid these time-consuming errors, ensure fast and accurate invoice data capturing, and reduce your overall AP processing time and costs.
Best AP Automation software
When you are looking for a new solution — such as an AP automation system — to benefit your business, you’ll likely want to utilize the best solution. This is completely reasonable; after all, you are bringing in a new solution, and that takes time and energy to learn and properly implement, so you want to ensure that you have chosen the best possible solution. Unfortunately, finding the best accounts payable software can be extremely difficult. This is not due to a lack of options; there are tons of AP automation companies out there that offer software solutions that could all be beneficial to your business. The real reason why finding the absolute best automated invoice processing software solution is so tricky is that not everyone’s “best” is the same.
For example, a small business would not want a software solution meant for a large business. While there are so many options available, it is important to focus not on what solution is the “best” but on which solution offers the most beneficial tools and features for your specific needs.
Rossum AI offers incredible and unique computer vision technology and intelligent document processing that can be used to extract important business data embedded in semi-structured documents.