Every business is making payments somehow today whether through a pre-existing payment solution, directly through banks, or even checks. Learn how CloudPAYit helps to automate AP Payments.
Each of these methods allow company buyers to make payments to suppliers, but each also leaves plenty of asynchronous manual activities for accounts payable personnel to manage. All this extra time spent can lead to late payments, extra spending just to get payments out the door, and difficulty in reconciling once payments have been received.
CloudPAYit was designed to eliminate as much manual activity as possible and make it as easy as possible to pay your suppliers while simultaneously generating revenue. Imagine a completely integrated solution where invoices are automatically indexed and evaluated against ERP data, payments are sent out, then fully reconciled all without human intervention. See below for details on how CloudPAYit helps automate your AP Payments.
"... designed to eliminate as much manual activity as possible and make it as easy as possible...".
1.CloudOCR Integration
Everything that CloudPAYit provides on the back end of the payment cycle is what CloudOCR provides at the front end. Simply connect your AP invoicing email inbox or scan to a secure folder and let CloudOCR automatically classify and separate the documents, use machine learning to automatically index invoices, then provide white-glove service technicians to verify that the data was captured correctly all before it is seen by your team. No more manual indexing of data or managing cumbersome OCR products by your team!
2. OnBase AP Workflow Integration
Once invoices are fully indexed and verified in CloudOCR, the OnBase AP Workflow takes over and immediately sets about checking for duplicates, making sure the vendor exists, validating captured PO information and much more (your team can even customize the workflow to allow for even more automated validations). If the invoice passes all those initial checks it may bypass human intervention altogether and generate the payment file, but if any data is incorrect and needs to be changed a streamlined coding interface is provided with real-time lookups to your ERP so it can be corrected and transitioned into approval if necessary and payment.
3. CloudPAYit Service and Automatic Reconciliation
All invoices that are able to pass through the OnBase AP Workflow will have payment files generated and sent to CloudPAYit. This is where CloudPAYit will provide ALL services related to selecting the supplier’s preferred form of payment, continuously converting suppliers to virtual card to increase your revenue share, and sending out payments. Once payments are made, the OnBase AP Workflow will recognize this and then reconcile the paid invoice all without extra button clicks.