AP Automation is a broad term referring to automation of core procure to pay
process such as receipt and entry of vendor bills (often involving OCR, or optical
character recognition), matching of those bills to Purchase Orders, routing of those
bills for approval, and processing of associated payments.
Often, when thinking of AP Automation, we consider only the most straightforward
scenarios. For example, we imagine that an invoice comes in with a perfect layout
easily readable by our OCR technology, that the invoice includes the correct PO
number, that the PO exists in our system and is open for billing, that the approval
routing for the invoice is straightforward and contains no exceptions, and that (of
course) our vendor ships us the correct items which our warehouse then receives
correctly. And yes, in addition all these transactions have the right amounts, the
right quantities, and everything matches perfectly. So – we think – automating this
process must be easy.
Get visibility into payables with a seamless invoice capture system, invoice processing and an automated approval workflow for both desktop and mobile devices. A complete accounts payable automation solution that leverages your investment in NetSuite AP Automation.
Intelligent OCR
Data is intuitively extracted from paper, scanned or emailed invoices. Paper is captured with 95%+ accuracy, electronic files with 100% accuracy.
Invoice Processing
Invoices are viewable in a central dashboard and automatically sent to users to review and approve. Invoices can be flagged at the header level or on line items. Once approved by the user, invoices are sent to NetSuite.
Approval Workflow
Automated workflow to designated roles in the company. One-click approvals in email. Ad hoc routing without having to code. Have as many users as you want – no user license costs.
Intelligent 3 Way PO Matching
2 and 3 way matching of POs and/or goods receipts at the header or line level. Matched invoices are sent straight to NetSuite. Exceptions are flagged and sent to approvers to reconcile.
Archive & Audit
Invoices, purchase orders, and goods receipts are archived in the Cloud for searching, reporting, and audit trail. Includes all documents plus electronic messages between employees and vendors/suppliers.
Conclusion
All AP Automation solutions – whether they are NetSuite native or not – bring a
good amount of value to the AP process for organizations. However, it is important
to understand the benefits of using a native solution versus an integrated solution
when considering which product to implement.