Making Accounts Payable Automation Work for You
The team at MindSpan has decades of experience implementing Accounts Payable Automation solutions. Companies that have as few as 50 invoices a month to Fortune 100 companies that process more than 3,000 invoices a day. Regardless of the volume of vendor invoices you process, we are confident that MindSpan can help your organization reduce costs, increase efficiencies and meet security and compliance requirements.
INVOICE CAPTURE
Most AP Automation solutions include module(s) to perform Invoice capture. These can include document scanning, data extraction utilizing OCR, email gateway, EDI and invoice upload.
KEEP CONTROL
Many AP departments today still route invoices manually throughout an organization or utilize email. AP Automation solutions enable organizations to gain control. Once an invoice enters the system, it can be tracked and a full audit history can be provided on demand.
APPROVAL WORKFLOW
Approval workflows can enable timely processing of invoices which allows organizations to avoid lost discounts and late payment penalties while reducing the risk of fraud. Features such as intelligent prioritization, automated escalation and notifications ensure that approvals are performed in a timely manner.
SUPPLIER COLLABORATION
Supplier/Vendor Portals provide the ability to enhance the communication between your organization and supplier population. They can be used to provide your supplier a means to upload invoices, enter invoice data via a web form, inquire invoice payment status along with opening cases to address pricing, quantity or other issues.
Choosing the Right Solution
Upon review of the software resource site Capterra, it contained over a hundred Accounts Payable Automation solutions. Researching and evaluating which of these solutions is best for your organization is a full time job. MindSpan can help you select the solution that best fits your organization and ensure a successful implementation.
SaaS or On-Premise
One important decision up front is whether to choose a cloud/SaaS deployment model or an On-Premise system.
Cost of Ownership
Typical AP Automation solutions include a setup fee along with an incremental fee most commonly based on the number of users or invoices processed.
Capabilities
Just like buying a car, the more bells and whistles you get the more it will cost. Determining which features provide the best return is a key factor in the decision process.