Accounts Payable (AP) Automation

Adoption of Accounts Payable (AP) automation has been slow, with only one in 10 middle market organizations incorporating any form of automation into their AP process. Yet, as businesses of all sizes look for ways to optimize working capital and reduce the costs of day-to-day AP operations, they are beginning to turn to automation. By automating payables, organizations are achieving faster payment processing, reduced reliance on paper-based processes, better vendor relationships and improved risk control.

As with any new concept, there can always be trepidation and pessimism. And with budget, resource and time constraints, many organizations may look at automation as something they simply cannot take on now. However, ignoring or deprioritizing automation means your organization will continue to realize higher invoice and payment-processing costs, higher instances of fraud, and less control over your payables in general. Educating yourself and decision makers within your organization on the many benefits of AP automation is the first step in the journey to capturing those benefits and creating substantial value within your AP department.

KeyTotal Invoice, powered by AvidXchange™, is a Web-based invoice management system that automates the process from invoice receipt through approval. Paper Invoices are either scanned into an electronic format or are electronically submitted into the system. Invoices are automatically coded and routed for approval through a rules engine that mimics your current process for easy implementation. Fully approved invoices flow into the accounting system for payment processing through KeyTotal Pay. Detailed reporting and analytics allow you to manage and optimize the entire process and invoices can be viewed any time or any place.

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KeyTotal Pay, powered by AvidXchange™, is a completely paperless payment system that reduces the amount of time and money spent associated with manual payment processes. Compatible with more than 100 accounting systems and working with all banks and unlimited bank accounts, the payment system uses a proven and easy implementation model. Once set up, you select payments from your accounting system just like you do today, but instead of printing and mailing checks, you simply select them to be paid through KeyTotal Pay. A dedicated vendor team maintains payment data and preferences and ensures that payments have been received and accepted.

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