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AP Automation And Why Is It Important?
AP Automation is much more beyond the paper-free aspect. Designed for the Australian SME market, AP Automation makes invoices a breeze.
AP Automation is here!
ProSpend, a leading Australian provider of expense management software, have debuted their Invoice Module which is also known as AP Automation. This new module developed specifically for the Australian SME market automates the front-end receiving, handling, digitising, and data entry process for supplier invoices.
“We’ve recognised the growing demand by companies for accounts payable automation and one of the top priorities for finance teams is to go paper-free. So we set out to create a product that offers automation of invoice management in the same platform as our expense management.” says Sharon Nouh, CEO and Founder of ProSpend.
This is an exciting new development for us as we are the only locally developed product that offers both solutions in the one platform and as our solution is cloud, it’s affordable and relevant for the SME market.”
By using AP Automation, suppliers can simply email their invoices to their company document vault in ProSpend and on receipt the invoice is scanned, supplier matched and a request for payment is automatically created from the invoice data. Unmatched suppliers are routed through an exception process so only company approved suppliers are paid and an invoice duplication process stops companies from paying invoices twice.
Customers using this module can further improve their approval process through AP Automation by configuring automated routing steps to ensure invoices are immediately delivered directly to the appropriate individuals for approval. Sharon Nouh credits this new module to the recent strong adoption rates.
“All of our new customers when looking at expense solutions, had paper free invoice management at the top of their ‘must haves’. We’re pleased that our vision to add this as an integrated module is being strongly validated and to offer another service that adds significant value to our software solution.”
With companies large and small all looking for cost savings, the adoption of Prospend delivers benefits across multiple levels. For CFO’s it improves processes, saves time, money and controls risks. CTO’s love that it’s a Saas (Software as a Service) delivering low cost, low risk and no IT infrastructure, and for end-users, the product is intuitive and easy to use.