Streamline your Accounts Payable process today by leveraging our solution, powered by the world’s first unified business process and robotic process automation platform. The acmo payable (AP) module takes away all day to day chores experienced by your accounts payable team, and help your business take control over its spending.
Why is Accounts Payable Automation important?
According to Gartner, Accounts Payable Automation is a major area of focus in midsize to large enterprises to improve and standardize the accounts payable financial management processes. An average Accounts Payable staff spends 3-5 minutes capturing details on every invoice, before they workflow (taking from desk-to-desk) to the stakeholders for approval.
A typical invoice takes the below route before they are finally paid:
- Accounts team manually capture all invoice information
- print-scan-print-scan documents (you never know how many times)
- apply rubber-stamps such as “SCANNED”, “APPROVED”, “PAID”
- verify invoice data against the supplier master data to prevent fraudulent transactions
- speak to internal staff to ensure goods are received
- store documents in file cabinets for long-term storage
- prioritise payments based on agreed payment terms
How can we help?
Recognized as a Kofax Partner and a Service Provider for its outstanding contributions to the process automation industry in the Asia Pacific region, ACMO has been helping businesses automate their Accounts Payable processes on a global scale since its inception. Our Accounts Payable platform has been built with efficiency and productivity gain in mind on every aspect, to offer the best user experience for your business.
ACMO Payable (AP) Solution
Our Accounts Payable solution interfaces with your on-premise or cloud applications to monitor and ingest invoices as soon as they arrive. All documents are recognized using the Kofax Intelligent Automation platform’s machine learning capability, which is capable of processing single-page/multi-page/multi-invoice documents. The machine learning capability does not require the solution to know the document layout upfront to extract the invoice information, rather leverages the knowledgebases and rules defined from the most comprehensive list of suppliers in Australia and New Zealand.
Business rules are executed to ensure the following:
- the invoice is a valid tax invoice
- the correct supplier is identified
- supplier details are up-to-date (ABN, bank details, address)
- verify supplier details using our software robots
- identify duplicates
- any checks that are appropriate for your business
The invoices with a purchase order are automatically matched using the purchase order and receipts data maintained in your ERP, ensuring goods are receipted before the invoice is paid and only the exceptions are handled manually.
The invoices without a purchase order are routed for financial coding allocations to allocate the cost to the correct cost-center in your chart of accounts. The routing can be performed based on rules defined per supplier, or to the accounts payable team. On the GL coding interface, the user may quickly code the entire invoice or split the cost per invoice line to appropriate cost centers using GL search feature, last used GL codes for the supplier or personal favorites. The suppliers are kept informed at every stage of the processing, and documents are work-flowed digitally to various stakeholders for approval using Delegates of Authority (DOA) limits or supplier-based rules matrix. The invoice approvals are performed via a modern intuitive web interface or mobile app or even by responding to an approval email.
Our experience in the Accounts Payable automation helps us integrate with ERPs such as Microsoft Dynamics AX, Microsoft Dynamics 365, PeopleSoft Financials, Oracle JDE, TechnologyOne Financials to name some. Contact us today to know how we can help your business accomplish more with Accounts Payable Automation.