Accounts Payable Automation
Speed Up Your Invoice Processing
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Docsvault offers a rich set of features, a clean and simple user-friendly document management software with the additional bonus of inbuilt Workflow feature, which means we can use it right across the board without having to spend large sums on licenses — the money saved is being spent on frontline services rather than software.
In today’s fast-paced business environment, the ideal time to process an invoice is often within 3-5 days. However, many businesses still struggle to achieve this goal due to inefficient AP processes. The traditional paper-centric approach, involving manual data entry, routing, and filing, is prone to errors and delays. This can lead to increased processing costs, damaged supplier relationships, and missed discounts.
To address these challenges, businesses are increasingly turning to automated AP solutions. By automating tasks such as invoice capture, data extraction, and routing, companies can streamline their AP processes, reduce errors, and improve cash flow management.
Streamline AP Invoice Processing
The answer here is Accounts Payable (AP) Invoice automation. Docsvault’s three-pronged approach of Accounts Payable invoice automation helps speed up filing, approval, and search, which leads to an efficient and seamless paperless accounts payable process. Invoices are scanned or imported to Docsvault repository and, in the process, are named consistently as per predefined rules. Invoices are then automatically routed for approval to the concerned employee. In the case of multi-step approvals, Docsvault’s flexible AP approval workflows can be set to satisfy practically any routing requirements based on the invoice amount, the number of approvals needed, the funding source, etc. Timely reminder alerts, automatic escalations & delegations, and complete traceability make the invoice approval process highly efficient. There is no chance of losing an invoice, and there is greater transparency in the entire process.
Docsvault centralizes your invoices and makes them easily accessible through searchable digital files.
Utilize artificial intelligence to profile accurately and index invoices by number, date, vendor, payment, and other relevant fields, enabling efficient searching and reporting.
AP Invoice Filing
Streamline AP filing with Docsvault: Automate organization, minimize errors, and optimize financial management.
Speed-up invoice approvals with Docsvault: Automate routing, set up custom workflows, and enable efficient digital signatures.
Watch Docsvault Approval Workflow in action
Key Benefits of AP Invoice processing with Docsvault
- Improves productivity of accounts payable teams
- Centralizes AP process between multiple offices
- Digital signature adds authentication to process
- Increases accuracy and transparency
- Facilitates task delegation and improves accountability
- Reduces physical filing costs
- Improves processing and cash flow
- Keeps suppliers happy
Take definitive steps to increase AP productivity. Contact us to see how Docsvault can help you streamline your AP invoice processing.