Chapter Two: Description of Accounts Payable Software

Let’s take a closer look at AP automation software, how it works and the benefits it delivers to your business.

Defining What AP Automation Software Does

AP automation software manages the AP process from receiving the invoice all the way to paying suppliers while maintaining all the existing banking relationships and workflows.

By automating this invoice and payment process, customers have non-stop visibility into payment and approvals while a dedicated service team with the software provider manages the suppliers and executes payments on their behalf.

Sequentially, some of the key features of this software from the user’s perspective include:

• logging in to see all pending approvals sitting in their queues
• accessing the invoices from any device connected to the Internet
• seeing exact amounts of invoices, how long they’ve been in the queue and who should approve it next
• once approved, specifying which invoices customers want to pay or payments they want to send and
• sending payments in the supplier’s preferred payment method. 

Unlike manual AP in which people are heavily involved throughout the process, an AP automation system reduces the need for people to get involved in the process.