Accounts payable can be streamlined by implementing a standalone accounts payable automation tool or utilizing an inbuilt module within a procurement system. These tools help automate invoice and payment processing. They use optical character recognition to accurately capture invoice data and perform two- and three-way invoice matching.

By setting up role-based workflows, stakeholders can streamline payment scheduling and take advantage of early payment discounts by processing invoices in a timely manner. The centralized vendor and contractual information will keep payments on track and help avoid late payment fees. Inbuilt analytics and reports can be used to assess AP performance, optimize cash flow, and reconcile vendor statements on time, every time.

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