accounts payable cycle, full, ap, workflow

Accounts payable cycle

Optimized accounts payable cycle Accounts payable cycles (workflows) are oftentimes unnecessarily long and cumbersome when invoices are processed manually.

The full accounts payable cycle can be shortened substantially however, by using software for AP process automation.

ReadSoft is the world's leading supplier of software for automating the accounts payable cycle. Thousands of organizations around the world use ReadSoft software to process their invoices.

By automating the full accounts payable cycle, organizations improve the efficiency in their AP process, automate their invoice workflows and save a lot of money on early payment discounts.

AP process automation is good for the environment too

Full automation of the accounts payable cycle also means that companies use less paper and transports which lowers CO2 emissions.

How to automate the accounts payable cycle

To automate the full accounts payable cycle, you first need to make sure that paper invoices are scanned and that the information is extracted using OCR. E-invoices, can also be automatically imported into workflow process.

The invoice information can then be automatically matched against a purchase order in an ERP system. If all information checks out, it can be posted for payment automatically. If not, the invoice is sent to in an accounts payable cycle workflow to the correct person for processing and approval.

The benefits of fully automating the accounts payable cycle:

The accounts payable cycle will be faster. This will enable you to get early payment discounts and avoid late payment fees.
The accounts payable cycle will be less expensive since less staff is needed to process the invoices.
The accounts payable cycle will become more efficient since your staff can concentrate fully on process improvement instead of invoice keying.
You will have better control of the full accounts payable cycle through continual AP statistics and a full audit trail.

More about automating the accounts payable cycle and AP workflow >>



	World-leading transport company invests 180,000 EUR in ReadSoft's invoice automation solutions (8 Mar) ReadSoft to deliver invoice automation technology worth 250,000 EUR to global engineering company (12 Jan) ReadSoft strengthens existing Fortune 500 customer relationship through expanded agreement worth $330,000 USD (30 Dec)