AP Processing

Accounts Payable Automation

Accounts Payable Automation is a sector that benefits enormously through the application of smart Optical Character Recognition (OCR).

Every organisation, regardless of size is aware of the inefficiency and painful nature of processing and paying bills for goods and services received. The time and cost to receive, arrange, enter and process accounts payable data and then record and archive the resulting paper trail is an ongoing and time consuming burden.

The Formitize Accounts Payable Automation solution includes computer vision to intelligently scan and electronically read data from the original documents, artificial intelligence to understand and query the information collected such as managing multiple line items, tax discrepancies and calculation errors, pattern recognition to remember existing supplier layouts and rules.

Workflow Automation then provides the final element for example, an invoice received from an approved supplier (if under an authorised amount), can be automatically received, scanned and processed, approved for payment, integrated into the accounting software (such as Xero) and electronically archived with complete automation.

The combination of Formitize Inbound OCR options with the other integrated paperless solutions such as forms, jobs and document management provides a world class end to end business automation solution that is transforming business operations globally.




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