What is AP process automation?

AP process automation refers to the use of technology to streamline and enhance the efficiency of accounts payable operations. It involves automating various steps in the AP workflow, including invoice receipt, data capture, validation, approval, and payment processing. AP automation solutions typically use OCR to digitise paper invoices, extract relevant data, and automatically enter it into the system. AI and machine learning algorithms can then validate the data against purchase orders and receipts, flagging any discrepancies for review. Automated workflows route invoices to the appropriate approvers, reducing delays and ensuring timely payments. Finally, these systems can generate and execute payment instructions, completing the AP cycle with minimal human intervention.