First, let’s talk about what’s wrong with manual accounts payable processing
Traditionally, accounts payable (AP) has always been a hands-on job. If you’re a growing business, that’s a problem.
Manual data entry is a big red flag when it comes to accuracy and speed.
The process of transferring information from paper to computer is often error-prone, simply because we’re human.
Unfortunately, the second it takes to make a mistake requires a significantly longer time to unravel, and can result in serious financial consequences to your business.
Processing AP manually is also a slow and thankless task.
Which in turn drives up internal resource costs and attrition rates, delays payments, contributes to supplier frustration, and in some cases, results in a failure to comply with the Government’s recently established Payment Times Reporting Scheme (PTRS).
When invoices and orders pass through many pairs of hands on their way to approval and payment, you’re more likely to experience roadblocks. Plus, untracked documents can go walkabout, raising tensions further still.
Then you have the issue of managing thousand(s), if not tens of thousands of incoming invoices each month.
Ensuring that every emailed or mailed document is accurately captured, matched with an order number or other criteria, passed to the correct person for approval, posted into your ERP, and filed, is no small job.
Paper invoice processes also leave your business more vulnerable to fraud.
This concern has only grown with the move to work-from-home throughout the COVID-19 pandemic. The lack of visibility and control of your payables is an open invitation to submit duplicate or false invoices, divert payments and more. Also, achieving or proving compliance with internal processes is just about impossible when you’re working with pieces of paper.
Introducing Accounts Payables Automation
AP is a critical business function that’s ripe for automation. If there’s any place in your business to start saving money, streamline processes and deliver measurable efficiency, this is it. Our fully-featured Accounts Payable Automation solution makes your AP function less of ‘a thing’.
AP becomes simpler, faster, more accurate, manageable, reportable, and transparent.
It also becomes fully compliant with your internal processes, simplifies PTRS requirements, and requires fewer people and touchpoints, especially when you scale.
Your AP team can say goodbye to the thankless job of data entry and chasing approvals, and hello to more interesting and strategic tasks.
With vastly improved data accuracy, payment processing is smoother.
First, data is extracted from either your paper or electronic invoices. Then, the invoice amount is electronically validated against the purchase order or other business logic.
If the invoice matches the order or logic, it is posted directly to your ERP for payment. And if it doesn’t match? We flag it for attention before it can go any further.
Invoices that do not match are routed to designated approvers.
These team members then receive automated reminders to ensure that they are signed off – or not – in time to meet internal deadlines.
With manual processes largely removed from the AP equation, your operational costs go down, efficiency levels go up, and errors are eliminated.
With 100% visibility of your AP function, you have a new era of control and security across your entire AP process – no matter where your team is working from.
When you need to find an invoice again, it’s there. Digitally…
Being able to see where all invoices are at any one time, across 3 different locations, is something that I could never have achieved without considerable effort from my team. I cannot imagine ever having to process them manually again. I am taking Redmap everywhere I go, I love it.
Group Financial Controller, PPK Group
Why Accounts Payable Automation is going to make your day
AP is a critical business function that’s ripe for automation. If there’s any place in your business to start saving money, streamline processes and deliver measurable efficiency, this is it. Our fully-featured Accounts Payable Automation solution makes your AP function less of ‘a thing’.
Scale at will
With the removal of manual processes, an increase in invoice volumes doesn’t impact the time or resources needed to manage them.
A perfect match
There’s no need to find, pair, then compare supplier invoices to your purchase orders. If they match the order or logic, the invoice enters the approval process and your ERP. If it’s an exception, then we let you know!
Never ‘misplace‘ an invoice again
Once an invoice enters our Accounts Payable Automation solution, it can’t be lost, and details (like bank account numbers) can’t be altered without being tracked.
Work from anywhere
Our solution is cloud-based, so it doesn’t matter where your people work, or in which time zone. All that’s needed to stay productive is an internet connection and a smart device.
Reduce the risk of fraud ‘significantly‘
Out-of-sight no longer means out-of-mind with AP Automation. Every change is tracked, so alterations to transaction amounts or payments, or the addition of new suppliers, is visible and auditable.
Put a tick against compliance
With AP Automation, everything, but everything is tracked, so you know what’s happened to every invoice.
100% invoice visibility
All supplier invoices and their status in your AP process are visible to the business. So, there’s no need to try and remember who has what when the vendor calls asking for an update or chasing payment. Or who in the business hasn’t signed off their invoice.
Eliminate tedious and inaccurate manual processes
Our highly accurate hands-off data extraction, ingestion, and automated approval workflows introduce a new level of operational speed and efficiency.
Help meet your sustainability goals
There’s no need to print out wasteful piles of electronic invoices to enter them into your AP process.
Say goodbye to email overload
Automated workflows dramatically reduce the to-and-fro process of invoice approvals and chase-ups.
Ready to see it in action?
How AP Automation works
3:38 min
Let us take you through the AP Automation process.
Automatic Statement Reconciliation
2:29 min
We provide you total visibility over your invoices and their status.
Powerful Dashboard Reporting
2:03 min
We provide you total visibility over your invoices and their status.
Search Everything
2:29 min
Forget those old archive boxes, we have you covered.
We’re well connected
Redmap Accounts Payable Automation has deep integration with your finance solution. Our ready-to-go connectors enable easy integration with leading API-based ERPs, including Pronto Xi, Microsoft Dynamics 365 Finance, SunSystems and more.
Sound complicated?
While our Accounts Payable Automation solution may sound complex, it’s not. And the measurable business and operational outcomes aren’t difficult to understand at all.
If you’re ready to introduce a new era of speed, cost-savings, accuracy, security and streamlined AP efficiency to your business, ask us what’s involved.
Implementing AP automation with Redmap will mean that 75% of the invoices, about 37,500 of our 50,000 a month, will go straight through to be processed without finance needing to do a thing. That’s an enormous efficiency gain. Plus, our visibility is complete, I can see every invoice and where it is.
CEO, myHomecare
