Best AP Automation Software

AP automation through software like Clear AP enables the extraction of invoice data with high accuracy through advanced OCR technology. Using these digitised invoices, the software undertakes data validations, data enrichment, and data matching to ensure its correctness. 
Next, the invoice goes to the respective teams or managers for approval while leaving a detailed digital audit trail. Finally, the invoice is paid for, and these payments can be tracked through the same automation software. The automation software also sends timely reminders whenever a payment is nearing its due date. It further allows vendor communication in case of any discrepancies, all from within the same portal. 

The benefits of AP automation include lower costs, faster invoice processing, increased accuracy, faster invoice cycle times, enhanced visibility and reporting, streamlined compliance, and access to an audit trail.

AP automation will not only reduce the time involved in managing payables but will also improve the performance and efficiency of the process. Efficient management of accounts payable ensures that invoices are paid for on time, helping maintain positive relationships with vendors while avoiding late payment penalties. It even gives businesses opportunities to leverage early payment discounts. By closely monitoring and optimising this process, businesses can better control their working capital and improve their financial stability. 

AP automation enables faster invoice processing and, overall, a shorter invoice cycle time, allowing faster payments to vendors. In addition, AP automation solutions have inbuilt tools for better vendor communication and quicker resolutions. All of these factors foster better vendor relationships in the long run.

AP automation almost completely eliminates the need for manual effort. From manual data entry to verification to data matching is all done with a click of a button. Fraudulent vendors can be identified and fake invoices can easily be detected. Further, every single entry and approval provides a detailed audit trail. This makes it almost impossible for both internal and external fraud to take place. 

Here are the top features that enterprises must look for in an AP automation solution:

• Vendor onboarding checks to onboard only compliant vendors
• Digitised invoice capture through technology such as OCR
• A data validation and data enrichment engine
• AI-powered data reconciliations
• Digitised approval workflows and a digital audit trail
• An inbuilt payment reminders and payment tracking system
• Visibility on working capital for actionable insights

Clear AP is India’s first AI-powered Accounts Payable automation engine. We transform the accounts payable process for enterprises through-

• AI automation
• Vendor delight 
• Working capital visibility and
• Unrivalled process quality

Clear AP is India’s first accounts payable engine powered by AI. This means that enterprises can-

• Submit invoices through various channels, including email, FTP, and direct uploads
• Extract invoice data with high accuracy through advanced OCR technology
• Leverage alternate data sources such as QR codes and GST returns to prefill invoice information
• Ensure every invoice meets regulatory requirements with 60+ automated compliance checks
• Make corrections or communicate with vendors for revisions, streamlining the invoicing process
• Get real-time insights and better spend visibility

Clear AP automation solution can enable up to 80% processing cost savings, up to 10% improvement in working capital, and up to 4% savings in AP spending by avoiding leakages from existing processes.