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.
Invoice processing software automates the entire lifecycle of invoices—from receiving them, to verifying and approving them, and finally facilitating payments. It eliminates manual handling by capturing data automatically, streamlining workflows, and ensuring timely processing.
The major advantages include enhanced accuracy in data capture, quicker invoice approval cycles, reduced manual errors, and better visibility into the accounts payable process. Automated invoice processing software also helps businesses manage cash flow better by ensuring timely payments.
The three major steps involved in invoice processing are:
Manual invoice processing is time-consuming, error-prone, and inefficient. Common issues include misplaced invoices, delayed payments, duplicate payments, and incorrect data entry. These problems can lead to poor cash flow management and strained vendor relationships.
Use an automated invoice processing platform just like the one in HighRadius’ AP Automation software. It captures invoice data via OCR (Optical Character Recognition) and AI, verifies the data, routes invoices for approval, and processes payments. This reduces manual tasks, boosts efficiency, cuts down cost & labor needs.
With an automated invoice processing solution, invoices can be processed within minutes to a few hours, depending on the complexity of the approval workflow. This time-saving allows finance professionals to focus on more strategic tasks rather than spending days or weeks on manual 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.
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.
