Not all AP Automation software are made as same. What makes an AP Automation software rise above the crowd is the set of features it offers. The business will always be looking for a product with more unique features to get more productivity out of it.
InvoiceMate offers a great feature portfolio to make it a better and unique product. In this article, we will be discussing the specific features that add unprecedented functionality to the AP Automation process. Let’s take a closer look at each of them.
Onboard vendors with a brandable web portal or native mobile app with their credentials & bank details. Dedicated Vendor Management System promotes vendor self-service for their ease and saving the workload of the AP team. The vendor hub is customizable with the brand’s look and feel. Enables maintaining a clean vendor master record.
Efficient Invoice Submission
To centralize invoice receipt, vendors can submit invoices along with supporting documents through uploading directly to a secure web portal or dedicated mobile app and track their progress.
Built-In OCR Scanning
Eliminate data entry with OCR and advanced data extraction. Details are automatically extracted and pre-populated. The second layer of invoice data extraction after OCR ensures invoice data is accurately captured and improves the algorithm for future captures.
Duplicate Invoice Protection
This feature would alert if while submission system detects the bill looks familiar to previously received bills. A similar alert will prevent possible payment duplications, thus reducing human error.
AP Zone – Expanded AP Capabilities
Dedicated AP Zone automates the end-to-end AP workflow for companies with multiple subsidiaries, brands, international business units, divisions, and entities or working in the cross-organizational workflow. It’s unified operations and instant visibility across the extended enterprise.
Automated Vendor Communication
Besides the availability of Vendor Portal/App, the automated communications in InvoiceMate ensure that vendors are informed throughout every step of the invoice and payment process. It Cuts AP time spent on inquiries and resolution.
Remote Work Enablement
Enables staff to work anytime and from anywhere in the world. In today’s landscape, businesses are managing an increasingly remote workforce — your finance team can be based anywhere and functioning on a global scale 24/7.
Financial Controls & Rules Engine
Safeguard against fraud loss & strengthen internal processes with enterprise-grade financial controls & rules engine Increases security, ensures adherence of compliance standards, & improves management oversight.
Automated PO Matching
Facilitates automation to match invoices with purchase orders (Pos). Evaluates whether the data in the invoice & relevant PO (or purchase requisition) in the system matches or not, and flags any disagreement.
Validates Vendors Prior To Payment Approval
InvoiceMate automatically validates contact information, payment data, and tax information against best practice rules prior to approving suppliers.
Early Payment Discount Option
Optional features to enable opportunities for early payment discounts are flagged for AP to prioritize and process with InvoiceMate.
Real-time Automated Reconciliation
Blockchain-powered InvoiceMate delivers real-time payment reconciliation after payments (full or partial) are made. Audit trails maintain a deep history of workflow and vendor activity. Instant reconciliation ensures a fast accurate financial close cycle & improves cash flow visibility.
The above-mentioned features offer great value for your investment by adding functionality and efficiency.
If you require any further assistance or information or you want the product demo, you can contact our team at email@example.com