What is payment account automation?

Before we move on to the benefits of automating payment accounts, let's find out what it really is.

Automation of payment accounts (internationally - AP) is an abbreviation that refers to payment accounts, i.e. obligations to suppliers.

Obligations to suppliers (commonly known as AP) are the money a company owes its suppliers for products or services received.

Like all business transactions, liabilities to suppliers create a significant amount of paperwork, such as invoices, purchase orders, goods received and, in the countries where they are needed, invoices.

Why is automation the ideal solution?

Not only can it be time-consuming, manual documentprocessing is often expensive. In order to save, businesses must be automated and thus reduce costs at each stage.
For example, switching from the classic method of receiving invoices to invoices received electronically can reduce costs by 30%, while automatic alignment of purchase orders (PO) with invoices can create savings of up to 80%. When these savings are taken into account, the need for AP automation is crystal clear.
In addition to drastically reducing paperwork, automation can avoid human errors – from incorrect data entry and duplication, to non-matching purchase orders and invoices.
Thus, automation can avoid all these problems, while at the same time achieving savings and improving the management of cash flows.

How does connecting to SEF and process automation work?

The connection of the Unifiedpost solution with the Sistem E-faktura is done by entering, in the appropriate place, the SEF API key that you previously generated and copied from the SEF portal.

Automating payment accounts involves processing invoices that your company receives through a digital workflow.
We can divide this flow into three phases:

Invoice Receipt
Invoices can be received electronically (a process known as eInvoice) or as a copy on paper. eInvoicing can be done through a business-to-business (B2B) or electronic data interchange (EDI). Alternatively, they can be sent as a PDF or through a supplier portal.

Alignment
When invoice data is "captured" or received electronically, it must be paired with the relevant order and receipt of the goods – something that automation software does automatically. Once adjusted, invoices are approved and forwarded to electronic resource planning (ERP) or the company's accounting system for payment.

Archive
In many countries, depending on the company, requests for archiving invoices can come years after their processing, leaving plenty of room for error. When automating payment accounts, archiving is safe and secure. In addition, unlike manual processing of invoices, automation enables complete digital revision of documentation.

What are the benefits?

Suitable for businesses of any size, as well as drastically reducing costs. Also, automation simplifies the entire process and at the same time reduces the space for human error.
The ability to generate detailed reports provides valuable job insights and allows businesses to keep up with trends. In addition, the ability to quickly process and pay invoices can lead to better relationships with vendors.
Switching to automating payment accounts is of great benefit to employees because it drastically reduces the amount of time spent on repetitive tasks, so they can focus on other jobs.

Conclusion

Payment account automation is an innovative digital solution for all processes from procurement to payment. Our solutions ensure that documents or data of the input supply chain are easily received and processed automatically, resulting in time and cost savings, improving staff morale and their relationship with suppliers.

Want to know more about automation?

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