Accounts Payable | Definitions & Processes

Having optimized Accounts Payable workflows can enhance your efficiency and improve overall operational performance. Automated accounts payable software optimizes POs, invoicing, approvals, payments, and more.

Whether you are a small business or a large public enterprise, implementing our AP automation solutions eliminates costly, time-consuming manual data entry and approvals. Accounts payable automation software gives you the power to manage 100% of your invoices electronically and implement processes that enhance your efficiency. Finance, accounting, and procurement professionals across multiple industries have discovered the benefits of our automated accounts payable system for themselves.

Accounts Payable Process

Electronic Purchase Orders:

When it comes to procurement, paper and manual handling slow down the purchase order process. Remove both with Cor360 Purchase Order. Electronically create POs, automatically route them for approval, and transmit them to suppliers. If you don’t currently use manual or electronic purchase orders, you’re relinquishing cost-saving benefits.

E-Invoicing

Reduce the cost, time, and errors inherent in manual, paper-based business processes by shifting to electronic invoicing. Electronic invoicing gives you tighter control over invoice management, including configuration of rules, parameter and threshold definitions, online supplier portal, and scan-and-capture capability as needed that turns paper invoices into e-invoices. We do this using invoice scanning and double-blind keying technology which is 99.95% accurate, surpassing the accuracy of OCR (Optical Character Recognition).

Approval Workflow

Automating the approval process can reduce invoice processing time by up to 70% and eliminate the possibility of duplicate payments. Ensure accuracy and timing of payments through Cor360 Approval Workflow’s automated three-way match capability that matches supplier invoices to POs and Receipt of Goods, without human intervention.

Automated B2B Payments

Centralize and manage 100% of your vendor payments electronically with Corcentric Payments via a variety of payment methods, including ACH, wire, vCard/p-Card, or check. Automated electronic payments cost an average of $2.94/invoice vs. $15.96/invoice with manual processes. Plus, you will significantly reduce the chance for check fraud.

ERP Integration

When it comes to enterprise resource planning (ERP), you need to break down barriers between business units so that you achieve cash flow visibility and process efficiency across the entire organization. One key struggle companies have is to integrate their ERP system with their other systems. The Cor360 Payables Automation solution is designed to integrate seamlessly with any ERP or accounting system.

Invoice Management

The cost to your company of manual invoice management can be measured by the amount of time wasted, errors missed, payments delayed, and discounts lost. Increase control over the entire payables process — from invoice receipt and approver responsiveness through invoice automation.

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