How much work could you do if invoices weren’t working you over?

Accounts payable automation is the act of moving away from manual AP processes to a digitized and streamlined solution that automates everything from invoice capture and processing right on through to payment. But why stop at basic automation? Medius goes beyond basic AP automation by using artificial intelligence (AI) to do the work—invoices get coded, approved and paid while you get to go home and rest easy.

Accounts payable automation software is designed to rid you of many of the manual aspects of accounts payable systems. It’s specifically useful in facilitating the automatic creation, review, and approval of invoices digitally—rather than having to receive, scan, and manage paper documents.

There are plenty of accounts payable automation vendors out there, proving that anyone can automate AP approvals. That's why Medius has put together a line of accounts payable tools that stand to revolutionize the way you work. With the Medius Accounts Payable Automation solution, AP processes can be streamlined and managed more efficiently to provide better visibility and control over an organization’s finances.

By using automated software, you can be more efficient, reduce errors and risk, and allow your company to scale quickly and easily.

AP automation uses software to digitize invoicing processes and remove manual tasks to create faster, cost-effective, and more accurate AP workflows. AI accounts payable software can replace your AP workflows through intelligent data learning.

AP automation software converts your suppliers’ invoices into a standard digital format and then uses a series of digital workflows to verify and process the information throughout the procure-to-pay lifecycle.

AP automation software uses Artificial Intelligence (AI), machine learning, optical character recognition (OCR), and other technologies to extract information from invoices and convert them from paper documents into digital formats. These supplier invoices can then be processed via digital workflows to manage steps in the procure-to-pay process previously handled by an AP staff member.

Get started with AP automation by installing an AI engine to learn and extract information from paper invoices in the background. The AI software builds digital workflows to automate invoice and payment processes.

How do you automate AP processes?

• Digitize paper documents
• Select an AP automation solution
• Automate manual processes
• Consolidate AP processes under one digital portal
• Unlock AP data with reports and dashboards

Decrease instances of fraud and overpayment by automating AP processes. You will also save time and money by reducing manual tasks previously handled by accounts payable employees.

What are the benefits of AP automation?

• Payment protection
• Fraud protection
• Reduce manual tasks
• Decrease data entry errors
• Reduce AP costs
• Scale your business at little to no extra cost

With AP automation software, you can automate the entire AP process – from invoice capture to payment so your organization can:

• Control costs and get better visibility of working capital
• Reduce time AP staff spends on data entry, auditing, and exception handling
• Improve supplier relations
• Capture early payment discounts
• Reduce the risk of payment fraud

Look for an AP automation software that captures data from paper invoices, automates electronic payments, and integrates with your existing software. AI accounts payable automation software learns from data to create custom automation and cost savings.

What should you look for in AP automation software?

• Optical character recognition (OCR) scanning
• Automated payments
• Vendor management
• Data learning
• Easy integration
• Dashboards and performance KPIs

Electronic invoicing (eInvoicing) is an electronically-delivered invoice in a standardized format. AP automation software leverages eInvoicing to save time and money in accounts payable workflows.

• See more: What is eInvoicing

Automated invoicing uses configured AP software to process invoices. Accounts payable automation software improves invoicing processing efficiency, from creation to payment reconciliation.

Automated payment reconciliation works by integrating a digital payment solution into AP workflows to manage payment approvals as well as conduct risk review audits to deter fraud. Once authorized, payments are automatically transferred to the bank.

Automated purchase order (PO) matching works by leveraging AI to reconcile invoices to purchase orders by automatically verifying invoices to match both purchase orders and receipts.

Automation software helps AP teams scale by capturing data faster and more efficiently than manual processing, enabling teams to increase their workload without incurring overhead costs. AP automation also eliminates costly data entry errors.

How does automation software help AP teams scale?

• Increases AP workflow efficiency
• Reduces manual processes
• Eliminates human data entry errors
• Saves time and human capital
• Reduces overall cost per account
• Better view of AP data for strategic decision making

B2B payment processing works with AP automation software to employ a 3-way matching process that verifies invoice accuracy against both purchase orders and receipts, thus reducing late payments and costly errors. AP automation eliminates late B2B payments that damage your organization's reputation and production schedules.

B2B payment processing works with AP automation software by employing a 3-way matching process to flag inaccuracies across:

• Invoices
• Purchase orders
• Receipts

Our AP automation software handles tax compliance by analyzing crucial data in real-time to ensure compliance with ongoing changes to tax codes. Medius reduces costly human errors by automating tax workflows into AI-powered data learning software.

Yes! Accounts payable automation can help prevent duplicate invoices and duplicate payments by leveraging a 3-way matching process to verify invoice accuracy against both purchase orders and receipts. AP automation reduces the occurrence of costly human data entry errors, e.g. late payments and overpayment.

Yes! Medius Suppliers Management streamlines processes for your vendors by enabling them to interact with your AP automation software through all stages of the onboarding journey, from initial setup through ongoing management. Eliminate costly manual tasks by empowering your vendors to update their information via a dedicated self-serve portal. They’ll also receive automatic updates on the status of their invoices and anticipated payments so you can avoid daily “status update” calls from dozens of vendors. 

Optical character recognition (OCR) scanning is the process of extracting text from scanned images, allowing you to turn paper-based documents into editable, searchable digital documents. Reducing paper assets like invoices, contracts, purchase orders, and receipts enables you to improve AP workflows while simultaneously reducing expensive data entry errors.

Accounts payable (AP) automation software saves businesses time and money by reducing manual tasks and the costly errors associated with them. AP automation is important for scaling your business because it reduces overhead costs associated with manual processing.

Why is AP automation important?

• Decrease manual processes
• Reduce account AP costs
• Eliminate human errors
• Open visibility into key financial data and metrics
• Meet tax and regulatory compliance
• Reduce instances of fraud and underpayment
• Scale your business at little to no cost