Transform your business with accounts payable automation
Say no to inefficient and long-lasting AP invoicing. Leave manual data entry and human errors in the past. Accounts payable automation lets you delegate time-consuming AP operations to a digital solution and enjoy peace of mind.
lower invoice processing costs
less data entry
faster approval workflow
fewer duplicated payments
1000+ companies worldwide enjoy automated AP invoicing with Precoro
Streamline AP operations for everyone’s convenience
Accounts payable team
The finance team only needs a few seconds to conduct three-way matching in the software for accounts payable. The AP automation software verifies invoices by matching them with purchase orders and receipts. The AP team can easily send invoices back to employees or suppliers to request more information. Accounts payable automation is key to avoiding invoice duplicates, late payments, and unauthorized spending.
Other employees
With Precoro’s easy-to-use interface and OCR technology, employees can easily submit invoices and see their purchases get paid faster. No more invoices lost in emails and no need to ask around about invoice approval status. If the AP team lacks information to authorize the payment, employees will be notified immediately via the AP automation software.
Suppliers
The best accounts payable automation software allows suppliers to create invoices directly from purchase orders. If needed, suppliers can edit invoices and track their statuses in real time. By cooperating in accounts payable management software like Precoro, the ordering company and the supplier can foster trustworthy relationships and benefit from timely AP closure.
Improve the accounts payable process step-by-step with AP automation software
Utilize Precoro’s functionality to make the most out of automated AP operations. Streamline daily work and close the APs faster than ever — all while ensuring cost and time efficiency.
Receiving and recording the invoice
AP automation software makes registering incoming payment requests easy for the account payable specialist or team. When an employee or supplier submits an invoice, the AP team gets an instant notification. They can immediately access the document online and start processing it. Precoro helps to streamline this step with the following:
- Flexible creation options. Create a new invoice from scratch or from a PO, or let your supplier make one.
- OCR recognition. Attach scanned documents to generate pre-filled invoices.
Making sure the invoice is legit
Finance teams use AP automation solutions to easily match the purchase order, receipt, and invoice to verify that the supplier’s invoice is authentic. Some companies only conduct the two-way matching of POs and invoices. Precoro helps with:
- Automatic matching. Conduct three- or two-way matching automatically to avoid discrepancies.
- Centralized document storage. Store all the documents in the accounts payable software, interlink them, and access them anytime.
Approving the invoice for payment
When the invoice is confirmed to be legitimate, it goes through the approval process. In Precoro, AP managers can customize sequential or parallel approval workflows for different invoices – basing them on, for example, the amount due threshold or supplier used. Precoro streamlines approvals with:
- Approval workflows. Route invoices to the correct approver automatically.
- Budgeting. Set and track budget limitations to regulate cash flow.
Executing payment
A responsible AP team member can easily select approved invoices in the accounts payable software and proceed to pay them. Current financial data and the history of executed payments are registered in the system for further analysis and auditing. Precoro facilitates the payment process with the following:
- Statuses. Track real-time statuses to filter out the invoices to be paid.
- Reporting. Track real-time data and create custom reports to get spending insights.
Benefit from accounts payable automation and free up time for more strategic tasks
With accounts payable software, small businesses, midsize companies, and enterprises can work magic on their AP operations. Let’s look at the benefits gained directly from adopting accounts payable automation.
Streamlined invoice management
Receive, record, validate, and approve invoices within one platform. Centralize invoice processing and eliminate risks associated with manual invoicing by switching to accounts payable management software.
Record invoices in the system as soon as they’re received. If you prefer, use OCR to speed up the process. Don’t risk losing invoices in old emails and missing a due date. Implementing accounts payable software saves employees hours of searching.
Create customizable approval workflows and enable parallel approvals to ensure invoice processing runs like clockwork. Give stakeholders the tools to approve invoices as soon as possible. This way, you can significantly minimize the risk of late payment fees and can even qualify for early payment discounts.
Increased visibility and overall transparency
Keep everything in the accounts payable management software to control your payment cycle and analyze the audit trail. Check each invoice's status whenever needed and get notified when it changes.
By centralizing data in a dedicated AP automation solution, you can achieve absolute transparency and prevent some expensive mistakes. You can also protect yourself from intentional fraud or accidental discrepancies and avoid additional penalties.
With AP data recorded in one platform, you can generate comprehensive real-time reports to monitor current accounts payable balances, prepare data-based projections, and thoughtfully plan your finance strategy. Plus, Precoro lets you create custom reports with over 150 reporting data points to get insights into the accounts payable data you need.
Cost and resource optimization
Replace paperwork with Precoro accounts payable automation software. With automated data recognition, 2- and 3-way matching, and invoice approval, say goodbye to maverick spending and duplicate payments.
Leave human errors in the past and design a reliable invoice processing workflow using accounts payable software. AP automation solutions save finance teams many hours of work, which they can reinvest in strategic tasks. Accounts payable automation also reduces the person-hours required for invoice processing, saving the company lots of money.
After implementing accounts payable automation practices, invoice processing will cost a fraction of what it used to and will be considerably less time-consuming.
Better collaboration with suppliers
Using accounts payable software, you can process documents from vendors faster and ensure invoices are recorded and paid on time. Timely processing of invoices helps to prevent late fees and any tensions that might arise due to non-compliance with the agreement terms.
Build trusting and transparent relationships with suppliers and ensure that every party involved is well aware of details surrounding the AP process.
Precoro comes with a dedicated Supplier Portal, letting Precoro users provide their suppliers with real-time access to the system. In it, your suppliers can generate invoices themselves and send them to you directly within the system. This makes it easier to track purchase status and improves overall communication with vendors.
Enhanced data security
Implement software for accounts payable to enhance data security. Instead of sending sensitive company information via email or post, transmit it securely via Precoro’s protected system.
Make sure only those who need to be involved are involved. Limit employee access to documents, procedures, supplier data, and more with the help of user roles in AP automation software. Track who made changes to each document, ensuring better accountability, reducing human error, and minimizing fraud.
With Precoro, you can rest assured data is safe from outside data breachers or hackers. We appreciate the trust our clients place in us, so as a cloud-based accounts payable management software, we choose reliable hosting facilities across multiple regions and remain compliant with the latest security protocols.
Integrations with other platforms
Stop entering the same data into multiple business tools. Sync accounting, procurement, and financial operations automatically with built-in integrations.
Send orders and invoices directly to your accounting software to speed up AP invoicing and pay bills faster. Avoid typos by synchronizing company and vendor data across your software stack. Utilize punchout technologies to access supplier item catalogs directly.
Modern accounts payable solutions like Precoro have integration capabilities to help you optimize your workflow and reduce the cost of AP operations.
Automate your whole AP system with Precoro’s integration capabilities
Boost every step of the AP process with integration options. Precoro connects to your favorite ERP, accounting, and project management software. Use our direct integrations with QuickBooks, Xero, and NetSuite. Approve from Slack, order from Amazon Business, or extend connectivity further with our custom API.
QuickBooks Online
Send orders, bills, and vendors from Precoro to QuickBooks Online automatically.
Xero
Sync POs, invoices, and supplier info from Precoro to Xero accounting software.
NetSuite
Sync subsidiaries, locations, POs, bills, vendor data, and more.
Amazon Business Punch-in
Convert your Amazon Business cart into a ready-made PO in Precoro.
Home Depot PunchOut
Shop on Home Depot and watch order details automatically imported into a Precoro PR for approval and record-keeping.
Staples Advantage PunchOut
Convert your order details from Staples Advantage into a Precoro requisition for seamless approvals and PO management.
Slack
Approve or Reject financial documents directly from your Slack workspace.
Want to prove that investing in accounts payable automation will deliver tangible benefits?
What makes Precoro a leader in the market
What our customers say
Find more insights and actionable tips about AP management and procurement
Check out our blog to read more about accounts payable and other business areas closely related to managing AP. We discuss ways to streamline invoice processing and carry out supplier onboarding and management, and share tips on how technology boosts every component of the purchasing cycle.
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