Accounts Payable Automation
Auto-Code Non PO Invoices. Automate invoice coding with AI-driven GL suggestions and multi-dimensional predictions, with confidence score.
ML based prediction. Recommends top three GL accounts for Non PO invoices, based on confidence score
Predicts other account dimensions (cost center, department, business unit, project, plant, etc.). Can introduce custom accounting dimensions.
Allocate cost to multiple dimensions. Split invoice amount or line amount into multiple lines and capture different dimensions.
Miscellaneous Charges. Automate coding for freight, tax and other charges for PO invoices that are not mentioned in PO.
Coding Workflow. Initiate ad hoc coding request or to predefined users (AP or Business Users) to seek coding inputs.
A smart AP workspace is a centralized platform that integrates all accounts payable activities, offering enhanced visibility and control over the AP process. Smart AP workspace software provides real-time analytics, workflow automation, and streamlined communication between teams.
This workspace enables smart payables by automating invoice processing, approvals, and payments, reducing manual intervention and errors. By adopting a smart AP workspace, businesses can improve efficiency, optimize cash flow, and ensure timely payments, all within a user-friendly interface that supports better decision-making.
To organize an accounts payable department, centralize the invoice processing, assess current KPIs, automate AP process. Establish approval workflows, conduct regular audits, and communicate effectively with vendors. Ensure responsibilities are assigned with routine employee training.
An automated accounts payable workspace typically includes four key functions: invoice capture, data extraction, approval workflow, & payment processing. These functions streamline the AP process by digitizing paperwork and automating manual tasks, making the department more efficient and error-free.
Automation can significantly improve the structure of an AP department by streamlining workflows, reducing manual errors, and enhancing data accuracy. A smart AP workspace enabled with automation will be able to execute routine tasks like data entry, invoice processing, and payment scheduling.
Furthermore, AP automation enables real-time tracking and reporting, providing better visibility into financial operations. This allows for proactive decision-making, improved compliance, and stronger vendor relationships. Overall, automation leads to a more efficient, organized, and scalable accounts payable department.
Keeping track of accounts payable is streamlined with an automated workspace, which provides a centralized platform for managing all AP activities. They allow businesses to capture invoices electronically, automate approval workflows, and monitor payment statuses.
Few smart AP systems offer real-time analytics and reporting, which helps in tracking expenses, managing cash flow, and maintaining financial compliance. This level of automation not only reduces the risk of errors but also provides comprehensive visibility into the AP process, making it easier to manage vendor relationships and financial obligations.
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.
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.
The system captures invoice data almost immediately after receiving it, integrating through channels like email, EDI, or supplier portals. The extracted data is quickly added to the AP processing queue, providing near real-time processing.
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.
