Accounts Payable Automation
Zero-Touch Processing. End-to-end automation to achieve truly touch-less invoice matching and processing.
Invoice-level Validation. Validate checks and highlight validation failures as exceptions.
Duplicate Invoice Check. Identify and highlight potential duplicate invoices submitted by suppliers.
Automated Multiway Matching. Compare invoices with the POs & GRNs and highlight discrepancies.
100% Policy Adherence. Define policies to control spends specific to company, location, vendor, etc.
Tax & Legislative Compliance. Automated tax validation ensures compliance for country/state-specific categories, rates, and amounts.
Pre-Defined Worklist. Worklist for AP teams and business users to review and resolve system-identified exceptions.
Exception management in accounts payable involves identifying, managing, and resolving discrepancies or errors that occur during the invoice processing workflow. Automation in exception handling software detects issues & resolved them, ensuring accurate and timely payments.
This process includes handling mismatches between invoices and purchase orders, duplicate invoices, and incorrect amounts. By using automated exception handling software, businesses can streamline the resolution process, reduce manual errors, and maintain smoother financial operations.
Exception management software is the software that helps in identifying and resolving discrepancies in account payable transactions pertaining to mismatches between invoices and purchase orders. It helps in streamlining the resolution of issues, ensuring that accounts payable processes remain accurate.
It also provides an automated exception worklist that prioritizes and tracks unresolved issues, enhancing overall efficiency in financial management.
Exception reporting identifies anomalies or discrepancies in financial processes, allowing businesses to address issues before they escalate. The benefits of exception reporting include improved accuracy, quicker resolution of discrepancies, and enhanced visibility into potential issues.
Automated exception handling software generates these reports, providing real-time insights and helping maintain accurate financial records. By using automated exception worklists, businesses can prioritize and address these exceptions efficiently, leading to better financial control and decision-making.
To handle exceptions and discrepancies in invoices or purchase orders, businesses should use exception management software that automatically flags issues for review. This software helps resolve discrepancies by comparing invoice data against purchase orders and identifying mismatches.
Automated exception handling software streamlines the resolution process by providing an exception worklist, which prioritizes issues based on urgency. This ensures that exceptions are addressed promptly, reducing the risk of payment delays and improving overall accounts payable accuracy.
An exception-based workflow is a process where only transactions that deviate from standard procedures are flagged for review and resolution. Exception handling software automates this workflow, ensuring that only problematic transactions require manual intervention.
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.
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 can validate and match invoices against Purchase Orders (POs) and Goods Receipt Notes (GRNs). It checks supplier details, billing details, and PO information against master data and performs mathematical validations. The matching process identifies variances in price, quantity, and payment terms at both the header and line levels, ensuring accuracy and compliance with business rules.
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.
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.
