The team at 4castplus recently completed a key productivity advancement with the new 4castplus “AP Automation” module. Anyone familiar with accounts payable (AP) knows that the effort that goes into matching, validating and approving vendor invoices can be incredibly time consuming and labor intensive. The new AP Automation module takes away as much as 70% of that effort by eliminating most of the manual, human involvement that goes into the matching and approval of vendor invoices. Instead, the system automatically, electronically matches and approves invoices.
A significant part of the burden on AP is rooted in the accounts payable staff not having easy access to either the original receipt, the PO commitment, or other corroborating evidence to match the invoice against. This lack of information causes unnecessary churn with AP personnel chasing down people, documents, scanned receipts, etc. to confirm the accuracy of the invoice. Then, once the substantiating information is found, matching and approving the invoice is largely a case of verifying that what’s on the invoice agrees with what is on the associated receipts. The thing is, vendor invoices are mostly bang-on accurate, so for the AP staff in those cases, it becomes a relatively tedious routine of stamping the invoice as approved. With the 4castplus AP Automation module, accounts payable can let the system handle the dull grind and heavy-lifting of matching invoices so that they can reduce their costs and focus their efforts on more high-value work.