Accounts Payable Automation
Automate master data import, synchronize POs and GRNs, and streamline invoice posting with real-time payment status updates and accrual management.
Pre-built connectors to import master data in a set schedule for a seamless data ingestion.
Instantly pull in Goods Receipt Notes (GRNs) and Purchase Orders (POs) through secure connectors.
Transform invoices based on target ERP and post invoices on a real-time basis.
Receive real-time payment updates, ensuring financial records are in sync.
An automated AP approval process involves technology to streamline & automate the accounts payable (AP) procedures, from receiving invoices to final payment and reconciliation. In this process, an accounts payable approval software reduces manual data entry, ensuring accuracy, and faster processing.
AP approval workflow software is a specialized tool designed to automate and manage the entire accounts payable approval process.This software helps in setting up approval hierarchies, tracking invoice statuses, and ensuring compliance with corporate policies.
AP approval workflow software facilitates the electronic handling of invoices from receipt to approval, reducing the need for manual intervention. By streamlining the workflow, accounts payable approval software enhances efficiency, reduces errors, and accelerates payment cycles. It provides real-time visibility into the approval process, helping businesses maintain accurate financial records and improve vendor relationships by ensuring timely payments.
AP automation enhances the approval process by streamlining the workflow through automated data capture & matching, real time tracking, thereby eliminating manual tasks. It automates the routing & approval of invoices through predefined hierarchies, ensuring they reach the right approvers quickly.
This reduces processing times, minimizes errors, and enhances accountability. Such AP automation software can track invoice statuses in real time, ensuring transparency and policy compliance. The real-time tracking feature provides a sense of security and keeps you well-informed about the status of your invoices, enhancing your peace of mind.
To set up an invoice approval workflow, first, define the approval hierarchy based on your organization’s structure. Next, implement invoice approval workflow software to automate the process. This software streamlines invoice routing, approval, and tracking, ensuring timely and accurate approvals.
Using accounts payable approval software, you can customize the workflow to match your business needs, including multi-level approvals, automated reminders, and real-time tracking. This setup reduces errors, speeds up the approval process, and enhances overall efficiency in managing accounts payable.
HighRadius supports two workflows: Coding Workflow and Approval Workflow. Threshold-based conditional approvals can be configured, with or without exceptions. You can maintain one or more designated approver(s) for organization-specific master data such as department, cost center, plant, project, business unit, company, location, etc., and initiate invoice coding and approval workflows.
The AI-powered AP Inbox organizes and classifies emails received in Gmail or Outlook. It categorizes emails into labels such as W9, New Invoice, Potential Duplicate Invoice, Payment Follow-UpFollow Up, and more. The system can infer supplier intent from email content and recommend appropriate responses, streamlining communication and reducing manual effort.
HighRadius has an ML-based recommendation model that can predict GL accounts and other accounting dimensions such as cost center, department, project, plant, business unit, and more. It leverages historical non-PO invoices, looks for patterns around multiple invoice data points (business unit, vendor, GL account, amount, location, etc.), and finds similarities.
Yes, our tool can handle region-wise taxes by validating tax categories, rates, and calculations against country-specific tax laws. It integrates with third-party tax aggregators to ensure accurate compliance.
The software offers two-way integration with leading ERPs for importing master data, POs, and GRNs, and exporting validated, matched, and approved supplier invoices. Data exchange can occur via APIs or SFTP in near real-time or as a scheduled batch process.
