How Does Accounts Payable Automation Software Work?

Preparing your AP tasks manually slows down your ability to quickly and correctly respond to merchants which results in longer cycles, higher processing costs, less oversight, and subsequently, discontent partners. Wave’s Accounts Payable Automation Solutions for the Chicago area improves the end-to-end AP system. We can work with SAP, Netsuite, Microsoft Dynamics, Oracle, and more with cloud-based Accounts Payable Automation or as an on-premise solution.

Built On State Of The Art Technology And Personalized To Your Organization Requirements, Wave Accounts Payable Software Delivers:

Invoice Capture

Our progressive invoice capture service consumes and reconciles invoices from multiple places. OCR (optical character recognition) identifies and extracts pertinent content, eliminating the propensity for errors and time resulting from with manual data entry.
Invoice

The invoice processor rapidly finds and reconciles exceptions, automatically correlates POs, and sends invoices through the approval process which can be done from your desktop or mobile device.
Data Delivery

Data delivery universally integrates with any ERP software including SAP, Oracle, NetSuite, or a home grown portal.
Analytics

Get operational insight into your AP process through real-time reporting, spend less time and resources, and improve yield.
Supplier Portal

The supplier portal allows suppliers to both enter and manage their content, add attachments to foster communication, confirm the condition of invoices or enter them directly, and look at purchase orders. This adds better efficiency to your internal workflow, improves supplier relations, and curtails inquiries, invoice matching errors, and total time it takes to process.

AP Automation Benefits

According to PayStream Advisors, the total price for invoicing is over $40 when processed directly. “Quicker approval of invoices” is recurringly cited by users as the highest asset of an automated workflow, closely followed by expense. In fact, data capture and system efficiencies can better AP handling time by as much as 81% and minimize operational costs by 92%.

Reduce Costs

Reduce price by removing manual data entry and processing.
Automate Processes

Confidently automate 90% or more of your AP processes, 3X cost savings as opposed to conventional processes, and 2% savings on yearly spending.
No Late Payments

Completely eliminate delayed payments and missed discounts by automating AP.
Improve Compliance

Improve compliance with institutional policies and controls.
Simplified Audits

Simplify audits with pre-determined processes.
More Control

Experience better governance and clarity of cash flow.
Vendor Satisfaction

Enhance supplier relations and simplify the experience through self-service portals.
Quicker Actions

Faster queries and approvals.